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Caesars Completes Sale of Caesars Tahoe for $45 million |
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Caesars Entertainment Inc. (NYSE: CZR) announced that it has completed the sale of its Caesars Tahoe casino resort to an affiliate of Columbia Sussex Corporation, a hotel, resort and casino operator based in Fort Mitchell, Kentucky, for approximately $45 million. |
"This acquisition represents a great opportunity to purchase a superior asset in a region in which we have been familiar for 14 years. We look forward to the opportunity to re-brand this property to a new customer base appealing to a younger, hipper audience and remain competitive in light of the proliferation of Indian Gaming in California," said William Yung, President of Columbia Sussex Corporation.
Under the terms of the agreement, Columbia Sussex will purchase certain assets of Caesars Tahoe and will assume certain related current liabilities. The sale followed a decision earlier this week by the Federal Trade Commission to end its inquiry relating to the transaction. Libra Securities is the exclusive financial advisor to Columbia Sussex. Caesars Entertainment was represented by CB Richard Ellis on the transaction.
Earlier in the week, Columbia Sussex completed the purchase of another Caesars Entertainment property, Bally's Casino New Orleans.
About Columbia Sussex
Columbia Sussex and its affiliates are one of the largest privately held hotel owners in the country, and one of Marriott Corporation's top licensees. Columbia Sussex and its affiliates operate 64 hotels, resorts and casinos in 28 states and overseas, including the Lighthouse Point Casino in Greenville, Mississippi, the Horizon Casino Resort in South Lake Tahoe and the Westin Casuarina property on Grand Cayman Island. It has also recently opened the Westin Casuarina in Las Vegas, and purchased the River Palms Casino in Laughlin, Nevada.
About Caesars Entertainment
Caesars Entertainment, Inc. (NYSE: CZR) is one of the world's leading gaming companies. With annual revenue of $4.2 billion, 20 properties on three continents, more than 25,000 hotel rooms, two million square feet of casino space and 50,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.
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