Caesars Entertainment Corporation reports that it has completed its deal to sell Harrah’s Las Vegas and acquire land to develop a new Las Vegas convention center.
The deal, which was announced in late November, involved an agreement by Caesars to sell and leaseback the real estate assets associated with Harrah’s to VICI Properties, and to acquire adjacent land from VICI to develop the convention center. Caesars received $1.14 billion in cash in return for the Harrah’s assets and acquired 18.4 acres of land as part of the convention center agreement.
In a written release Caesars President and CEO Mark Frissora said that the proceeds of the Harrah’s sale would partially fund the acquisition of Centaur Holdings, LLC, adding properties in Indiana to the Caesars network, as well as develop the convention center.
Plans for the convention center call for 300,000 square feet of flexible meeting space, including what’s being billed as the largest column-free ballroom in the United States. The venue will also offer planners a number of tech amenities, as well as the flexibility to accommodate meetings of many different sizes. The conference space is expected to accommodate more than 10,000 attendees and include an outdoor plaza, which can be used for a variety of events.
Following the sale Caesars will continue to operate Harrah’s Las Vegas, including its gaming, hotel operations and all other amenities. The property will remain a part of the Caesars Entertainment network under the Harrah’s brand. It will also continue to participate in the Total Rewards loyalty network and maintain access to Caesar’s centralized services.