Caesars Entertainment and VICI Properties to Sell Harrah’s Reno to CAI Investments for $50M

Caesars Entertainment | January 16, 2020

LAS VEGAS, Jan. 16, 2020 -- Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment" or "Caesars") and VICI Properties Inc. (NYSE:VICI) ("VICI Properties" or "VICI") today announced they have signed an agreement to sell Harrah's Reno Hotel and Casino ("Harrah's Reno") to an affiliate of CAI Investments (the "Buyer") for $50 million.  The proceeds of the transaction shall be split 75% to VICI and 25% to Caesars, while the annual rent payments under the Non-CPLV Master 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 tra...