Caesars to sell Bally’s Atlantic City for $25m
Caesars Entertainment and VICI Properties have announced they will sell the Bally’s Atlantic City Hotel and Casino to Twin River Worldwide Holdings in a deal worth $25m.
VICI Properties will receive approximately $19m in the agreement, while Caesars will receive the remaining $6m.
The annual base rent payments under the Non-CPLV Master Lease agreement between Caesars and VICI will remain unchanged.
Caesars will continue to operate Caesars Atlantic City and VICI Properties will continue to own the land and real estate associated with Caesars Atlantic City, including the Wild Wild West casino area.
Tony Rodio, Caesars CEO, said: “We look forward to the reopening of Bally’s Atlantic City as soon as appropriate once the public health emergency related to COVID-19 has passed.
“We appreciate Twin River’s commitment to this property, which has a great future ahead under its stewardship.”
In January, Caesars and VICI Properties also agreed to sell Harrah’s Reno Hotel and Casino to an affiliate of CAI Investments for $50m.
Caesars will continue to operate the property until the end of 2020 through a short-term lease agreement with CAI.
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