Caesars Entertainment and real estate investment trust Vici Properties have announced a definitive agreement to sell the operations of Caesars Southern Indiana to the Eastern Band of Cherokee Indians for $250m.
In addition, at the closing of the transaction, EBCI will enter into a new lease with year one annual rent payments of $32.5m with Vici Properties, who maintains ownership of the real estate of the property.
As a result of this transaction, Caesars annual payments to Vici Properties under the regional master lease will decline by $32.5m upon closing.
John Payne, president and COO of Vici Properties, said of the agreement: “This transaction provides additional tenant diversification and continues to build Vici’s embedded growth pipeline while allowing Caesars to further their strategic objectives in Indiana.