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.
-
Asia6 days ago
Max Level Wins PR Mandate for Riot Games in India and South Asia
-
Asia6 days ago
BetConstruct Wins “Digital Sports Betting Supplier of the Year” Award at Global Gaming Awards Asia-Pacific 2025
-
Latest News6 days ago
The Impact of Technology on Poker Store Monetisation: From Blockchain to NFT
-
Compliance Updates6 days ago
Digitain’s Paydrom Receives PCI DSS Certification
-
Balkans6 days ago
Merkur Showcased its Latest Product Portfolio at Belgrade Future Gaming
-
Latest News6 days ago
Week 23/2025 slot games releases
-
Latest News6 days ago
Romania: Higher Gambling Taxes Will Drive Players to the Black Market, AOJND Warns
-
Latest News6 days ago
Veikkaus Appoints Jyri Lassi as New General Counsel