Caesars offloads Harrah’s Louisiana to Rubico Acquisition
Caesars Entertainment – the operating name for the newly combined Caesars Entertainment Corporation and Eldorado Resorts business – has agreed to sell its Harrah’s Louisiana Downs Casino, Racing & Entertainment property to Rubico Acquisition for $22.0m (£16.6m/€18.6m).
Caesars will receive $16.5m in proceeds from the sale, with $5.5m going to VICI Properties, a real estate investment trust spun off from the operator in 2017, subject to customary adjustments for cash and net working capital.
The acquisition agreement also stated that annual base rent payments under the regional master lease between Caesars and VICI will remain unchanged.
Subject to regulatory approvals and other closing conditions, Caesars expects the acquisition to close at the end of 2020 or early next year.
Read the full story on iGB North America.