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Caesars Entertainment and VICI Properties Announce Sale of Harrah’s Louisiana Downs to Rubico Acquisition
NEW YORK--(BUSINESS WIRE)-- Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars” or “CZR”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nCaesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars” or “CZR”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) today announced definitive agreements to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment (“Harrah’s Louisiana Downs”) to Rubico Acquisition Corp. for $22 million. The proceeds of the transactions shall be split $5.5 million to VICI Properties and $16.5 million to Caesars subject to customary adjustments for cash and net working capital. The annual base rent payments under the Regional Master Lease between Caesars and VICI will remain unchanged.\n\n\nThe transactions are expected to close at the end of 2020 or early 2021, and are subject to regulatory approvals and other closing conditions.\n\n\nAbout Caesars Entertainment, Inc. \n\n\nCaesars Entertainment, Inc. is the largest casino-entertainment company in the U.S. and one of the world's most diversified casino-entertainment providers. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment's resorts operate primarily under the Caesars®, Harrah's®, Horseshoe® and Eldorado® brand names. Caesars Entertainment offers diversified amenities and one-of-a-kind destinations, with a focus on building loyalty and value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate.\n\n\nAbout VICI Properties Inc.\n\n\nVICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 31 gaming facilities comprising over 50 million square feet and features approximately 20,200 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars, Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming. VICI Propertie...