Caesars Entertainment and VICI Properties Inc. Announce Sale of Harrah’s Reno to CAI Investments
Retrieved on:
Wednesday, January 15, 2020
Caesars Entertainment Corporation (NASDAQ:CZR) (Caesars Entertainment or Caesars) and VICI Properties Inc. (NYSE:VICI) (VICI Properties or VICI) today announced they have signed an agreement to sell Harrahs Reno Hotel and Casino (Harrahs Reno) to an affiliate of CAI Investments (the Buyer) for $50 million.
Key Points:
- Caesars Entertainment Corporation (NASDAQ:CZR) (Caesars Entertainment or Caesars) and VICI Properties Inc. (NYSE:VICI) (VICI Properties or VICI) today announced they have signed an agreement to sell Harrahs Reno Hotel and Casino (Harrahs Reno) to an affiliate of CAI Investments (the Buyer) for $50 million.
- The proceeds of the transaction shall be split 75% to VICI and 25% to Caesars, while the annual rent payments under the Non-CPLV Master Lease between Caesars and VICI will remain unchanged.
- We recognize the long legacy of Harrahs in Reno, where the brand began 82 years ago and our role in the community.
- The sale of Harrahs Reno demonstrates our ability to continuously work constructively with our tenants to improve our individual businesses.