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Caesars Entertainment, an American gaming corporation based in Paradise town in Nevada, has signed a letter of intent with real estate investment trust Vici Properties on the sale of two properties.
The LOI stated that Vici will acquire real estate assets associated with the Octavius Tower at Caesars Palace and the real estate assets associated with Harrah’s Philadelphia for $507.5 and $241.5m, respectively.
Caesars will continue to operate both properties under the terms of long-term leases that the two have signed. Chief executive of Vici, Edward Pitoniak, said in a statement: “Octavius Tower will strengthen our footprint on the Las Vegas Strip, Harrah’s Philadelphia will bolster our presence on the east coast.”
Vici owns a large portfolio of assets in the gaming and hospitality business, including Caesars Palace.
Source: European Gaming Industry News