Caesars Entertainment Confirms Sale of Harrah’s Las Vegas Resort to The Country’s Largest Owners of Gaming, Hospitality and Entertainment Destinations; VICI Properties
The gaming company said it had definitive agreements to lease or sell back its real estate assets that is associated with the Harrah’s Las Vegas property to VICI Properties. They also confirmed they are going to acquire land from VICI Properties for their newly planned convention center that is projected to be more than 300,000 square feet. Caesars will receive a $1.14 billion cash payment for all assets according to the sale agreement.
Mark Frissora, President and Chief Executive Officer of Caesars Entertainment released the following statement regarding the sale of the property,
“The transactions we are announcing today demonstrate our commitment to pursuing growth opportunities while maintaining balance-sheet discipline. We expect the sale and leaseback of Harrah’s Las Vegas will allow us to acquire Centaur and develop the convention center without increasing leverage. The sale and leaseback transaction is our first post-emergence transaction with VICI and maintains Harrah’s Las Vegas’ connectivity to our network, which will create value and provide benefits to our guests. The acquisition of the adjacent land and development of the convention center allows us to develop another important destination right in the middle of our center-Strip footprint.”