American casino operator Caesars Entertainment Incorporated has announced the completion of the deal that has seen it offload its Harrah’s Reno property to an affiliate of real estate investments firm CAI Investments for $41.5 million in cash.
The Las Vegas-headquartered firm used a short Wednesday press release to detail that the disposal of the 940-room venue was conducted in partnership with the Vici Properties Incorporated real estate investment trust it spun off in 2017 and formed one of the conditions of its own more recent merger with smaller rival Eldorado Resorts Incorporated.
Caesars Entertainment Incorporated, which was known as Caesars Entertainment Corporation before completing its $17.3 billion amalgamation with Eldorado Resorts Incorporated, moreover explained that it is to receive approximately $10.3 million from the sale with the balance going to Vici Properties Incorporated.
Harrah’s Reno opened in 1937 and currently features six restaurants alongside a 40,000 sq ft casino offering table games as well as approximately 700 slots. However, it is located near to the Eldorado Resort Casino Reno, Silver Legacy Resort Casino Reno and Circus Circus Hotel Casino Reno properties from Eldorado Resorts Incorporated with its sale on anti-competition grounds earlier set as a requirement for approval by Nevada regulators of the arrangement that created Caesars Entertainment Incorporated.
The giant casino firm pronounced last month that it had agreed a deal for analogous reasons that is to see it sell its Harrah’s Louisiana Downs facility to American property developer Rubico Acquisition Corporation for $22 million. Caesars Entertainment Incorporated stated that this transaction is expected to see it benefit to the tune of about $16.5 million and comes after its May decision to offload the Bally’s Atlantic City enterprise to Rhode Island-based operator Twin River Worldwide Holdings Incorporated for $25 million.