After the completion of a $17.3 billion mega deal by Eldorado Resorts for the larger Caesar’s Entertainment Corp., the former entered a deal with VICI Properties that will see VICI acquiring the real estate assets of Harrah’s New Orleans, Harrah’s Atlantic City and Harrah’s Laughlin Hotel and Casino for a total of $1.8 billion.
Eldorado is an entertainment company that operates 26 properties across the 12 US states. Earlier this year the company also acquired Tropicana Entertainment which was once owned by Icahn. It is expanding its scope in various other states like Mississippi, Missouri, New Jersey, and Louisiana.
It is now the owner of all three properties combined and the deal is dependent of its acquisition of Caesars Entertainment Corp that will see Caesars merge with Eldorado subsidiary Colt Merger Sub Inc and eventually become a fully owned subsidiary under the Caesars name.
Caesar’s Entertainment is one of the most geographically diversified casino-entertainment providers. It owns and operates over 50 properties around the world. Earlier this week, Caesars announced in Securities and Exchange Commission the sale of their Rio All-Suite Hotel and Casino property for $516 million to Imperial Companies, a New York-based real estate firm.
The Chief Executive Officer of Eldorado Tom Reeg, said, “In partnering with VICI Properties, we can unlock embedded real estate value allowing both companies to advance their respective growth strategies. As we considered pursuing this strategic and transformative transaction, we were delighted to establish this important and meaningful partnership with VICI as it will be a critical factor in our ability to drive near- and long-term value from the proposed extraordinary combination with Caesars Entertainment.”
VICI is one of the largest market-leading gaming and entertainment destinations. Its strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. The sale of the three Harrah’s properties will be purchased by VICI, Harrah’s New Orleans for $775.5 million, Harrah’s Resort Atlantic City and Harrah’s Atlantic City Waterfront Conference Center for $599.25 million, and Harrah’s Laughlin Hotel and Casino, Nevada will stand for $516.3 million.
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