In Nevada and prominent casino operator, Caesars Entertainment Corporation, is reportedly set to abandon the iconic Harrah’s Reno property as part of its planned $17.3 billion merger with rival Eldorado Resorts Incorporated.
According to a Tuesday report from The Nevada Independent newspaper, the 940-room venue is operated by Caesars Entertainment Corporation under a lease held by the Vici Properties real estate investment trust it spun off in 2017 but is to be sold to a local entity known as Reno City Center LLC in advance of being transformed into a non-gaming enterprise.
The newspaper reported that Harrah’s Nevada opened in 1937 and currently features six restaurants as well as a 40,000 sq ft casino offering table games and some 700 slots. However, it is located near to the Circus Circus Hotel Casino Reno, Eldorado Resort Casino Reno and Silver Legacy Resort Casino Reno venues from Eldorado Resorts Incorporated and it is thought that the soon-to-be-enlarged operator is not interested in running a fourth Reno property.
The Nevada Independent reported that the looming combination of Caesars Entertainment Corporation with Eldorado Resorts, which could be completed by the end of March, has already seen the former offload its Rio All-Suite Hotel and Casino property for about $516 million. The Las Vegas-headquartered firm is currently responsible for 17 Harrah’s-branded casinos in eleven states including four in Nevada while the planned merger was approved by shareholders in November and is now purportedly awaiting regulatory approval from authorities in 18 states as well as a final Federal Trade Commission sign-off.
For its part, Eldorado Resorts has reportedly reacted to the imminent merger by agreeing to sell off its competing Lady Luck Caruthersville, Isle Casino Cape Girardeau and Mountaineer Casino, Racetrack and Resort businesses to Century Casinos Incorporated for a combined $385 million. The Reno-based company is furthermore purportedly engaged in negotiations to dispose of its Montbleu Resort Casino and Spa Lake Tahoe, Isle of Capri Casino Kansas City and Lady Luck Casino Vicksburg venues while it inked a deal on Monday that will involve Maverick Gaming paying around $230 million for its Eldorado Resort Casino Shreveport property.