Leading American gaming firm Caesars Entertainment and VICI Properties announced the selling of Bally’s Atlantic City Hotel & Casino to Twin River Worldwide Holdings Inc. for a whopping $25M in cash. VICI Properties is a renowned experiential real estate investment trust.
According to the report, VICI is scheduled to get nearly $19M from the sale, while Caesars may get approximately $6M.
It is worth noting that the yearly base rent payments under the NON-CPLV Master Lease between Caesars and VICI will remain the same.
Bally’s Atlantic City has emerged as one of the biggest hotels on the boardwalk, with approximately 1169 rooms. There are two casinos at Bally’s with more than 220,000 square feet of gaming area along with more than 5000 slot machines.
Soon after the deal was finalized, Tony Rodio, CEO at Caesars Entertainment, said,
He also went on to praise Twin River’s pledge to this property that is expected to have a bright future.
John Payne, President, and COO of VICI Properties said the sale of Bally’s Atlantic City highlights our continuous pledge to work together with our tenants to boost our individual business even at a time when COVID-19 has wreaked its havoc all across the globe. This transaction will let us keep the present financial conditions of our master lease with Caesars and assist us in maintaining a balance as we continue to acquire Harrah’s Resort Atlantic City.
Caesars Entertainment Corporation is a renowned gaming hotel and casino corporation and owns and operates more than 50 properties and seven golf courses.