Caesars Entertainment Corp., in a move to help fund its recent purchase of two major racinos in Indiana, is selling the real estate under Harrah’s Las Vegas, the company announced.
Caesars says it has agreed to sell the real estate assets to VICI Properties for $1.14 billion. The company, in a statement release Tuesday evening, will lease back the property for 15 years at an initial annual rent of $87.4 million.
The casino operator, which recently emerged from its two-year plus bankruptcy, announced earlier this month it was buying Indiana-based Centaur Holdings LLC for $1.7 billion.
Chief Executive Officer Mark Frissora said in the statement, “The transactions we are announcing demonstrate our commitment to pursuing growth opportunities while maintaining balance-sheet discipline.”