November 29, 2017 / 10:19 PM / 2 years ago

Caesars to sell Harrah's Las Vegas real estate assets for $1.14 billion

Harrah’s is seen behind the High Roller observation wheel in Las Vegas, Nevada March 31, 2014. REUTERS/Las Vegas Sun/Steve Marcus

(Reuters) - Casino operator Caesars Entertainment Corp (CZR.O) said on Wednesday it would sell the real estate assets of the Harrah’s Las Vegas hotel to VICI Properties VICI.PK for $1.14 billion in cash.

Caesars, which will continue to operate Harrah’s Las Vegas, said it would use the proceeds of the sale to fund its $1.7 billion purchase of casino company Centaur Holdings LLC.

Caesars will also buy 18.4 acres of land from VICI to develop a 300,000 square-foot convention center.

Reporting by Akshara P in Bengaluru; editing by Sai Sachin Ravikumar

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