Caesars sells Harrah's Louisiana Downs
Caesars Entertainment and VICI Properties announced Thursday definitive agreements to sell Harrah's Louisiana Downs Casino, Racing & Entertainment to Rubico Acquisition Corp. for $22.0 million.
The proceeds of the transactions will be split, $5.5 million to VICI Properties (a real estate investment trust tied to Caesars that acts as a landlord to the property) and $16.5 million to Caesars. The annual base rent payments under the Regional Master Lease between Caesars and VICI will remain unchanged.
The transactions are expected to close at the end of 2020 or early 2021, and are subject to regulatory approvals and other closing conditions.
The casino in Bossier City, northwestern Louisiana, opened in 1974 and houses 1,300 slot machines. It was closed last week because of Hurricane Laura and has since reopened. After the deal closes, Caesars will operate 51 properties in 16 states.
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