Eldorado Resorts has entered into an agreement with VICI Properties that will see VICI acquire Harrah’s New Orleans, Harrah’s Atlantic City and Harrah’s Laughlin Hotel & Casino for a combined total of US$1.8 billion.
The agreement is dependent upon completion of Eldorado’s US$17.8 billion acquisition of Caesars Entertainment Corp – the current owner of the three properties – under which Caesars is set to merge with Eldorado subsidiary Colt Merger Sub Inc and become a wholly-owned Eldorado subsidiary existing under the Caesars name.
Assuming it proceeds as planned, sale of the three Harrah’s properties would see VICI purchase the land and property of Harrah’s New Orleans for US$775.5 million, of Harrah’s Resort Atlantic City and Harrah’s Atlantic City Waterfront Conference Center for US$599.25 million, and all assets related to a newly formed entity that will hold Harrah’s Laughlin Hotel & Casino in Laughlin, Nevada for US$434.75 million.
Eldorado’s disposal of the three properties comes just three days after Caesars announced that it had sold the Rio All-Suite Hotel & Casino in Las Vegas to a principal of New York real estate firm Imperial Companies for US$516.3 million.
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