Caesars, VICI to sell Louisiana Racino for $22 Million
As expected, Caesars Entertainment—recently acquired by Eldorado Resorts—has begun selling off assets in key markets. Among them, Caesars and VICI Properties will sell Harrah's Louisiana Downs racino (l.) in Bossier City, Louisiana to Rubico Acquisition Corp. for $22 million.
Caesars Entertainment and real estate investment trust VICI Properties recently announced the sale of Harrah’s Louisiana Downs Casino and Racetrack in Bossier City, Louisiana to Rubico Acquisition Corporation for $22 million. When the deal closes, probably by early 2021, Caesars will receive $16.5 million and VICI will receive $5.5 million. The rental agreement between Caesars and VICI will stay the same. The racino offers a thoroughbred horseracing track and a 12,000-square-foot casino with 830 slots. It’s one of six gaming properties Caesars currently operates in Louisiana.
Eldorado Resorts recently acquired Caesars for $17.3 billion, although the new company kept the Caesars’ name. Former Eldorado management operates the company. They have said selling casinos would be likely. In fact, Caesars Chief Executive Officer Thomas Reeg said, “Everything is for sale every day. We are economic animals. We’re always happy to be wowed by an offer.”
Earlier, Eldorado agreed to sell Eldorado Shreveport in Louisiana and the operations of MontBleu Resort Casino in Lake Tahoe, Nevada to Twin River Worldwide Holdings for a combined total of $155 million. Following these sales, Caesars will continue to operate Harrah’s New Orleans, Horseshoe Bossier City, Isle of Capri Lake Charles and Belle of Baton Rouge in the state.
Reeg added Caesars will sell three of its five Indiana casinos, under orders from state gaming regulators. Also, Caesars has said at least one of its nine Las Vegas properties will be sold.