Gambling in the USA
Caesars Entertainment Announces Completion of Harrah’s Philadelphia Sale and Lease Amendments

Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars Entertainment” or “Caesars”) today announced it has completed the sale of the real estate assets associated with Harrah’s Philadelphia to VICI Properties Inc. (“VICI Properties” or “VICI”). Caesars Entertainment received $82.5 million in cash in return for Harrah’s Philadelphia’s real estate assets, reflecting a purchase price reduction for the value of certain lease modifications and other aspects of the transaction as part of the previously announced agreement between the two companies.
“The completion of this transaction with VICI provides Caesars with financial flexibility and reduces the volatility of our future rent payments, demonstrating our commitment to creating value for our shareholders while maintaining financial discipline,” said Mark Frissora, President and Chief Executive Officer of Caesars Entertainment.
Caesars leased Harrah’s Philadelphia from VICI pursuant to the existing long-term lease agreement related to other domestic properties, as modified (“Non-CPLV”). The property remains a part of the Caesars Entertainment network and continues to benefit from the Harrah’s brand, the Total Rewards loyalty network and access to centralized services.
In connection with the transaction, Caesars and VICI have consummated certain lease modifications to the Caesars Palace Las Vegas (“CPLV”) and Non-CPLV leases. The modifications are intended to bring the lease terms into alignment with other market precedents and the long-term performance of the properties. The changes moderate volatility in Caesars’ rent payments to VICI while resulting in near-term increases in rent for VICI. The modifications also create additional flexibility to facilitate Caesars’ development ambitions on the East Side of the Las Vegas Strip by removing certain impediments associated with those plans.
-
Interviews5 days ago
Crash Test for iGaming Projects: SOFTSWISS on Why High Load Performance Defines Operator Success
-
Asia5 days ago
MelBet Announces Monami Ghosh as its New Brand Ambassador
-
Blockchain5 days ago
Best Crypto Casinos: Top 5 Crypto Gambling Sites To Play In July 2025 (BTC, Ethereum, Litecoin, Etc)
-
Interviews5 days ago
HIPTHER Community Voices: Interview with CEO of Media 24 Martins Lasmanis
-
Latest News5 days ago
East Meets Bet: Comparing Online Gambling Trends in Europe and Thailand
-
Africa4 days ago
Aviatrix expands Africa footprint with Spotika deal
-
Latest News5 days ago
Logifuture enters high-growth Croatian market with Mozzart partnership
-
Compliance Updates5 days ago
Ratification of the 2026 Betting Framework for LA FRANÇAISE DES JEUX, Incorporating Excessive Gambling Mitigation Strategies