Caesars, VICI Sell Atlantic City Casino to Twin River
This transaction allows VICI to maintain the existing financial terms of its master lease with Caesars, says COO John Payne.
ATLANTIC CITY, NJ—Caesars Entertainment and VICI Properties are selling the Bally’s Atlantic City Hotel & Casino to Twin River Worldwide Holdings for $25 million in cash. VICI will receive $19 million from the sale, while Caesars will receive $6 million. The annual base rent payments under the master lease between Caesars and VICI remain unchanged.
This transaction allows VICI to maintain the existing financial terms of its master lease with Caesars while balancing its geographic diversification as it works to complete the acquisition of Harrah’s Resort Atlantic City, says John Payne, president and COO of the REIT in prepared remarks. The casino has been closed since the coronavirus.
Following the sale, Caesars will continue to operate Caesars Atlantic City, which will include the Wild Wild West casino area and The Book sports wagering facility, and Harrah’s Resort Atlantic City. VICI Properties will continue to own the land and real estate associated with Caesars Atlantic City, including the Wild Wild West casino area.
The Bally’s Atlantic City transaction is subject to regulatory approvals and other closing conditions.