Caesars Entertainment, Inc., and VICI Properties, Inc., on Tuesday said they have completed the previously disclosed agreement to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment (Harrah’s Louisiana Downs) to Rubico Acquisition Corp. for $22m.
The racino is located in Bossier City, Louisiana.
Rubico is a Delaware-based company with an office in Baton Rouge.
According to a statement from the parties, the proceeds of the transaction were split $5.5m to VICI and $16.5m to Caesars, subject to customary adjustments for cash and net working capital.
The annual base rent payments under the Regional Master Lease between Caesars and VICI will remain unchanged, the two companies added.
Caesars Entertainment says it is the largest casino-entertainment company in the US 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, which operate primarily under the Caesars, Harrah’s, Horseshoe and Eldorado brand names.
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. The company’s national, geographically diverse portfolio consists of 27 gaming facilities comprising more than 46m square feet and features approximately 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sportsbooks.
The properties owned by the REIT are leased to various gaming and hospitality operators, including Caesars, Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment and Penn National Gaming, Inc.
VICI Properties also has an investment in the Chelsea Piers, New York, facility. It owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip.
