Caesars Entertainment and VICI Properties have reached an agreement to sell Harrah’s Reno Hotel and Casino to CAI Investments for $50 million, the companies announced on Wednesday.
The property will eventually be redeveloped into a non-gaming hotel and mixed-use development.
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As part of the deal, Caesars will continue to operate Harrah’s Reno under a short-term lease through the first half of 2020. The proceeds of the transaction will be split, with VICI receiving 75 percent and Caesars receiving the remaining 25 percent.
Harrah’s Reno is the first-ever Harrah’s casino, originally opening as a bingo parlor in 1937.
“We recognize the long legacy of Harrah’s in Reno, where the brand began 82 years ago and our role in the community. We are pleased the buyer is committed to the community and supports the redevelopment of this wonderful asset,” said Tony Rodio, CEO of Caesars Entertainment, in a statement. “We have worked closely with the buyer to provide a reasonable closure plan that allows our great staff in Reno ample time to secure their next jobs, including priority consideration for relevant openings at our other properties in Nevada, including Lake Tahoe and Las Vegas.”
“The sale of Harrah’s Reno demonstrates our ability to continuously work constructively with our tenants to improve our individual businesses,” added John Payne, President and COO of VICI Properties. “This disposition will allow VICI to optimize the quality of our real estate portfolio and redeploy the proceeds toward other attractive growth opportunities while maintaining the existing financial terms of the Non-CPLV Master Lease with Caesars.”
The transaction is subject to the closing of Eldorado Resorts’ acquisition of Caesars, regulatory approvals and other customary closing conditions.
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Velas Resorts Invites Future Travelers to Dream Together
As hotels and resorts throughout many popular tourist destinations remained closed over the past few months, eager travelers sat home awaiting the day they can safely board a plane to their favorite home away from home.
Although Velas Resorts‘ properties may not have been open for visitors, the company kept travelers busy from afar, offering daily inspiration on the Velas Magazine and inviting people to continue #DreamingTogether.
“After all this time staying at home, we are gearing up to welcome you and continue creating special moments for you. Please join us on this countdown to add new travel anecdotes while we keep #DreamingTogether!” the company said.
From fun activity ideas to do with children and DIY projects to test creative skills to wardrobe and fashion inspiration and recipes to try making at home, the Velas Magazine’s daily content provides plenty of ways to spice up life in quarantine.
There is even advice available on how to capture the best vacation photos on your phone and helpful tips on how to compost at home in order to maintain a beautiful garden.
All of these exciting pastimes are only a small sample of what guests staying at Velas Resorts’ properties will experience.
In addition to using this time to provide future travelers with things to do while staying safely at home, the company has also created new post-COVID-19 hygiene protocols. Its Stay Safe With Velas program includes new guidelines such as physical distancing measures, touchless sanitizer stations and frequent hand washing in addition to enhanced cleaning measures for guestrooms and resort areas.
Velas Resorts includes three luxury resorts—Grand Velas Riviera Nayarit, Grand Velas Los Cabos and Grand Velas Riviera Maya—totaling 1,170 rooms and suites. Visitors to these properties are treated to gourmet restaurants, stunning landscapes, luxury wellness opportunities and top-notch hospitality throughout their stay.
The company looks forward to welcoming guests backs soon and until then, encourages people to keep #DreamingTogether.
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