Caesars Entertainment Corp. said Dec. 26 that it completed the sale of the real estate assets of the Harrah's Philadelphia casino to VICI Properties Inc.
The Nevada-based casino operator received $82.5 million in cash in the transaction. That reflects a reduction from the previously announced purchase price of $241.5 million, due to the value of certain modifications to VICI Properties' leases with Caesars.
Meanwhile, Caesars leased Harrah's Philadelphia from VICI Properties, and will continue to operate the casino as part of its network. The two companies also modified the lease to the Caesars Palace Las Vegas property.