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EBCI buys Caesars Southern Indiana operations for $ 250 million

American casino giant Caesars Entertainment announced on Thursday in a statement to investors that it had entered into a final deal with Eastern Band of Cherokee Indians (EBCI) for sale of operations in Caesars Southern Indiana behind $ 250 million.

"The acquisition of Caesars Southern Indiana operating company marks the beginning of an exciting new future for the eastern Cherokee range."

Richard Sneed, chief chief of the eastern Cherokee gang

EBCI and VICI conclude a lease agreement

Upon completion of the transaction, which is subject to customary purchase price adjustments, the tribal operator will enter into a new lease agreement with the property owner, Caesars Real Estate Investment Fund (REIT) VICI Properties, starting with the annual rent $ 32.5 million. Consequently, the annual lease payments from Caesars to VICI under regional the contract framework will be reduced by the same amount.

"We are delighted to continue our many years of collaboration with Caesars as we intend to develop our interest in commercial gaming in the years to come."

Richard Sneed, chief chief of the eastern Cherokee gang

Caesars and EBCI extend partnership

Upon closing the transaction, eastern group of the Cherokee Indians and Caesars will enter into a long-term contract as an extension of their existing partnership to allow the tribal operator's Caesars brand and Rewards loyalty program to continue using the casino site. in Indiana.

“Expanding our partnership with the Eastern Band of Cherokee Indians is an exciting event for Caesars Entertainment. Since our cooperation began in 1996, we have admired their development and the success of their real estate. We look forward to strengthening our partnership by extending the Caesars and Caesars Rewards loyalty program to them in Caesars Southern Indiana. ”

Tom Reeg, CEO of Caesars Entertainment

Tribe z North Carolina and the casino operator have a long relationship that includes Caesars working for the tribe Harrah's Cherokee Valley River in Murphy i Harrah's Cherokee in the Smokey Mountains.

Earning Caesar Rewards

The deal, expected to close in the third quarter of 2021, subject to regulatory approvals and other customary closing conditions, is the first for a tribe outside of North Carolina and the first time that Caesars redeems its rewards program.

The sale of the operation in the casino takes place after the requirement specified in summer by Indiana Gaming Control Board (IGCB), before finalizing the transaction, o worth $ 17.3 billion of Eldorado Resorts. The IGBC approved the merger on the condition that divestment of two properties in the state is necessary.

In October, Caesars entered into a sales contract Tropicany Evansville for $ 480 million down fund investment Bally's Corp and Gaming and Leisure Properties (GLPI)and this deal is still to be finalized next year.

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