Boardwalk with Bally's Hoteland Casino in Atlantic city, NJ. Photo by Shutterstock
ATLANTIC CITY, NJ—Caesars Entertainment and VICI Properties areselling the Bally's Atlantic City Hotel & Casino to Twin RiverWorldwide Holdings for $25 million in cash. VICI will receive $19million from the sale, while Caesars will receive $6 million. Theannual base rent payments under the master lease between Caesarsand VICI remain unchanged.
|This transaction allows VICI to maintain the existing financialterms of its master lease with Caesars while balancing itsgeographic diversification as it works to complete the acquisitionof Harrah's Resort Atlantic City, says John Payne, president andCOO of the REIT in prepared remarks. The casino has been closedsince the coronavirus.
|Following the sale, Caesars will continue to operate CaesarsAtlantic City, which will include the Wild Wild West casino areaand The Book sports wagering facility, and Harrah's Resort AtlanticCity. VICI Properties will continue to own the land and real estateassociated with Caesars Atlantic City, including the Wild Wild Westcasino area.
|The Bally's Atlantic City transaction is subject to regulatoryapprovals and other closing conditions.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
