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Sign in Sign up for a FREE subscriptionCaesars Entertainment and VICI Properties sells Reno Casino
Caesars Entertainment Corp. and VICI Properties have signed an agreement to sell Harrah’s Reno Hotel and Casino to an affiliate of CAI Investments for $50 million.
“This disposition will allow VICI to optimize the quality of our real estate portfolio and redeploy the proceeds toward other attractive growth opportunities while maintaining the existing financial terms of the Non-CPLV Master Lease with Caesars,” said John Payne, president and COO of VICI Properties.
The proceeds of the transaction will be split 75 percent to VICI and 25 percent to Caesars.
Under the terms of the agreement, Caesars will continue to operate the property upon closing of the transaction pursuant to a short-term lease with the buyer, which will allow Caesars to cease operations at the property during the second half of 2020. At the end of the term, Caesars will deliver the property to the buyer to be redeveloped into a non-gaming hotel and mixed-use development.
