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Caesars Entertainment announced today that it has entered into a final agreement to sell its Caesars Southern Indiana operations to Cherokee Indian Eastern Band for $250 million, following a customary purchase price adjustment. In addition, when the transaction closes, EBCCI will enter into a new lease with VICI Properties Inc., which maintains ownership of the property, paying $32.5 million in first-year rent. The deal would reduce Caesars' annual payments to VICI Properties by $32.5 million at the close of the deal under the regional master lease agreement.
In addition, from the close of the deal, Caesars and Cherokee Indian Eastern Band will extend their existing relationship by signing a long-term agreement to continue using Caesars Brands and Caesars Rewards loyalty programs in Caesars Southern Indiana.
"Expanding our relationship with Eastern Band of Cherokee Indians is an exciting event for Caesars Entertainment," said Tom Reeg, CEO of Caesars Entertainment. "Since our partnership began back in 1996, we have admired their growth and the success of their wealth. We look forward to extending the Caesars brand and Caesars Rewards loyalty program to them in Caesars Southern Indiana to further our relationship."
"The purchase of Caesars Southern Indiana operating company marks an exciting new beginning of the future for Cherokee Indian's Eastern Band," said Richard Snead of Cherokee Indian's main Eastern Band. "We are excited to build on our long-standing partnership with Caesars as we look forward to boosting our interest in commercial gaming over the next few years."
The transaction is expected to close in Q3 2021, subject to regulatory approvals and other customary closing conditions.
J.P. Morgan and Latham & Watkins LLP represented Caesars Entertainment on the deal. Innovation Capital LLC와 Brownstein Hyatt Farber Schreck은 Cherokee Indians의 Eastern Band
Wednesday, November 15, 2023