Caesars sells Harrah’s Reno property

The property was sold for $41.5m.
The property was sold for $41.5m.

The deal was first announced at the beginning of 2020 but the process was paused due to the outbreak of the coronavirus pandemic.

US.- Caesars Entertainment has finalised the sale of its Harrah’s Reno casino and hotel property to real estate developer CAI Investments for $41.5m.

VICI Properties, a real estate investment trust that specialises in casino properties, will receive 75 per cent of the proceeds from the sale. The other 25 per cent will go to Caesars.

CAI plans to convert the property into a multi-use project named Reno City Centre. It already began working on the renovation before the deal was finalised.

Caesars Entertainment also announced this week that it has reached an agreement to buying out Britsh bookmaker William Hill to expand in the US sports betting market.