Gambling in the USA

Two Caesars properties were Vici to buy

Published

7 years ago

May 15, 2018

Niji Narayan

Reading Time: < 1 minute

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: intergameonline.com

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.