Caesars Entertainment and VICI Properties Inc. Announce Sale of Harrah's Reno to CAI Investments
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.
"We recognize the long legacy of Harrah's in
"The sale of Harrah's
"Being originally from the
The agreement allows for Caesars to retain its guest data and places no restrictions on Caesars' marketing activities.
The transaction is subject to the closing of the Eldorado/Caesars combination, regulatory approvals and other customary closing conditions.
About CAI Investments
CAI finances, develops and manages properties across key markets in the Unites States. CAI is a fully integrated company, managing the entire real estate development process. CAI is focused on providing secure, attractive investment returns through the strategic acquisition and asset management of distress real estate based assets in strengthening U.S. markets of stability and growth. CAI is currently constructing an upscale hotel class A office mix use project in
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts and by the use of words such as "expect," "intend," "may," "continue," "subject to," and "will," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events.
You are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance and results of Caesars may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: the Eldorado/Caesars combination may not be consummated on timeframe contemplated, or at all; the fact that the transactions contemplated by the purchase and sale agreement may not be completed on the terms contemplated or at all as they are conditioned upon the closing of the Eldorado/Caesars combination, receipt of regulatory approvals, counterparty lender and holder consents, other third-party approvals and other conditions; potential adverse reactions or changes to business, customer, management or employee relationships, including those resulting from the announcement or completion of the contemplated transactions; the possibility that the anticipated operating results and other benefits of the contemplated transactions are not realized when expected or at all; shutdown costs or transition costs at the expiration of the short-term lease between Caesars and the Buyer; local risks including proximate competition, potential competition, customer retention, legislative risks, and local relationships; and other factors described from time to time in our reports filed with the
You are cautioned to not place undue reliance on these forward-looking statements, which speak only as of the date of this filing. Neither Caesars nor
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For Caesars Entertainment: Media: Richard Broome, (201) 538-9212; Investors: Joyce Arpin, (702) 880-4707; For VICI: 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; Media: PR@viciproperties.com, (646) 949-4631 Or ICR, Phil Denning and Jason Chudoba, Phil.Denning@icrinc.com, (646) 277-1258, Jason.Chudoba@icrinc.com, (646) 277-1249