Caesars Entertainment and VICI Properties Complete Sale of Harrah’s Reno to CAI Investments
September 30 2020 - 4:15PM
Business Wire
Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars
Entertainment” or “Caesars”) and VICI Properties Inc. (NYSE:VICI)
(“VICI Properties” or “VICI”) today announced they have completed
the previously disclosed transaction to sell Harrah’s Reno Hotel
and Casino (“Harrah’s Reno”) to an affiliate of CAI Investments for
$41.5 million. The proceeds of the transaction were split 75% to
VICI and 25% to Caesars, while the annual rent payments under the
Regional Master Lease between Caesars and VICI remain
unchanged.
About Caesars Entertainment
Caesars Entertainment is the largest casino-entertainment
company in the U.S. and one of the world's most diversified
casino-entertainment providers. Since its beginning in Reno,
Nevada, in 1937, Caesars Entertainment has grown through
development of new resorts, expansions and acquisitions. Caesars
Entertainment's resorts operate primarily under the Caesars®,
Harrah's®, Horseshoe® and Eldorado® brand names. Caesars
Entertainment offers diversified amenities and one-of-a-kind
destinations, with a focus on building loyalty and value with its
guests through a unique combination of impeccable service,
operational excellence and technology leadership. Caesars
Entertainment is committed to its employees, suppliers, communities
and the environment through its PEOPLE PLANET PLAY framework. For
more information, please visit www.caesars.com/corporate.
About VICI Properties
VICI Properties is an experiential real estate investment trust
that owns one of the largest portfolios of market-leading gaming,
hospitality and entertainment destinations, including the
world-renowned Caesars Palace. VICI Properties’ national,
geographically diverse portfolio consists of 30 gaming facilities
comprising over 50 million square feet and features approximately
20,200 hotel rooms and more than 200 restaurants, bars and
nightclubs. Its properties are leased to industry leading gaming
and hospitality operators, including Caesars, Century Casinos, Hard
Rock International, JACK Entertainment and Penn National Gaming.
VICI Properties also owns four championship golf courses and 34
acres of undeveloped land adjacent to the Las Vegas Strip. VICI
Properties’ strategy is to create the nation’s highest quality and
most productive experiential real estate portfolio. For additional
information, please visit www.viciproperties.com.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the federal securities laws. You can identify these
statements by our use of the words “anticipates,” “assumes,”
“believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,”
“projects,” and similar expressions that do not relate to
historical matters. All statements other than statements of
historical fact are forward-looking statements. You should exercise
caution in interpreting and relying on forward-looking statements
because they involve known and unknown risks, uncertainties, and
other factors which are, in some cases, beyond Caesars’ and VICI’s
control and could materially affect actual results, performance, or
achievements.
Although each of Caesars and VICI believe that in making such
forward-looking statements its expectations are based upon
reasonable assumptions, such statements may be influenced by
factors that could cause actual outcomes and results to be
materially different from those projected. Caesars and VICI cannot
assure you that the assumptions upon which these statements are
based will prove to have been correct. Important risk factors that
may affect their respective business, results of operations and
financial position are detailed from time to time in each of
Caesars’ and VICI’s filings with the Securities and Exchange
Commission. Neither Caesars nor VICI undertake any obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise, except as may be
required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200930005899/en/
For Caesars Entertainment: Investor Relations:
Investor_Inquiries@caesars.com 800-318-0047
Or
Brian Agnew, bagnew@caesars.com Charise Crumbley,
ccrumbley@caesars.com
For VICI Properties: Investors: Investors@viciproperties.com
(646) 949-4631
Or
David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Danny Valoy Vice President, Finance
DValoy@viciproperties.com
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