Caesars Entertainment has completed the sale of its Harrah’s Reno Hotel and Casino property in Nevada to an affiliate of real estate development business CAI Investments.Under the agreement, which Caesars brokered in partnership with real estate investment trust Vici Properties, the CAI affiliate will pay a total of $41.5m (£32.2m/€35.3m) to take ownership of the facility.
Proceeds from the sale will split so that Vici will receive 75% and Caesars the remaining 25%. The annual rent payments under the regional master lease between Caesars and Vici will remain unchanged.
The deal comes after Caesars last month also agreed to sell its Harrah’s Louisiana Downs Casino, Racing & Entertainment property to Rubico Acquisition for $22.0m.
Caesars Entertainment Inc. is the new operating name for the combined Caesars Entertainment Corporation and Eldorado Resorts business.
