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Caesars Sells Reno Property For $50 Million

So as to build regulators’ concerns over a that it’s possible you’ll per chance presumably factor in monopoly to relaxation with its upcoming merger with Caesars Entertainment, Eldorado Inns sold undoubtedly one of its two Louisiana casinos earlier this week. Caesars adopted tear neatly with Wednesday with a sale of undoubtedly one of its Reno properties.

In step with the Reno Gazette-Journal, Caesars confirmed that it is selling Harrah’s Reno to an affiliate of CAI Investments, Reno City Heart LLC, for $50 million.

Harrah’s Reno became as soon as a fixture of downtown Reno. It launched bigger than 80 years prior to now and started off as a bingo parlor earlier than William Harrah transformed it into undoubtedly one of his first casinos for his eventual on line casino company, Harrah’s Entertainment. Harrah’s became as soon as the first gambling company to be listed publicly on the Unusual York Stock Alternate.

For the earlier few years, Caesars has been leasing Harrah’s Reno from VICI Properties. VICI will receive 75 percent of the sale, while Caesars will clutch the final $12.5 million.

It is some distance being reported that after the sale is finalized, the property will sooner or later reside its gaming operations. For the first half of the yr, Caesars will lease the property to the CAI affiliate and Harrah’s will proceed to be part of the Caesars portfolio.

After the deal is popular by regulators, Caesars will surrender the property to the unusual proprietor, that can flip the property “true into a blended-expend, non-gaming property.”

“The sale of Harrah’s Reno demonstrates our capacity to continuously work constructively with our tenants to enhance our particular person companies,” said President and COO of VICI Properties John Payne in an announcement. “This disposition will enable VICI to optimize the wonderful of our real estate portfolio and redeploy the proceeds towards other lovely insist opportunities while maintaining the existing monetary phrases of the Non-CPLV Master Hire with Caesars.”

With the neatly-behaved approval of the $17.3 billion merger between Caesars and Eldorado expected to happen in the next diverse months, it’s some distance probably that the two companies will proceed to promote sources in the months leading as a lot because it.