Caesars and VICI sell Harrah’s Reno

Caesars Entertainment and VICI Properties have signed an agreement to sell Harrah’s Reno Hotel and Casino in Reno, Nevada, US, to an affiliate of CAI Investments for $50m.

The proceeds of the transaction shall be split 75 per cent to VICI and 25 per cent to Caesars, while the annual rent payments under the lease between Caesars and VICI will remain unchanged.

Under the terms of the agreement, Caesars will continue to operate the property upon closing of the transaction pursuant to a short-term lease with the buyer, which will allow Caesars to cease operations at the property during the second half of 2020.
At the end of the term, Caesars will deliver the property to the buyer to be redeveloped into a non-gaming hotel and mixed-use development.