VICI will get about $19 million from the sale while Caesars will receive $6 million.
“We look forward to the reopening of Bally’s Atlantic City as soon as appropriate once the public health emergency related to COVID-19 has passed,” Caesars CEO Tony Rodio said. “We appreciate Twin River’s commitment to this property, which has a great future ahead under its stewardship.”
“The sale of Bally’s Atlantic City demonstrates our ongoing commitment to work collaboratively with our tenants to optimize our individual businesses, even during these unprecedented times,” said John Payne, President and COO of VICI Properties. “This transaction allows us to maintain the existing financial terms of our master lease with Caesars and helps balance our geographic diversification as we work to complete the acquisition of Harrah’s Resort Atlantic City.”
Once the deal has closed, Caesars will continue to operate Caesars Atlantic City, which includes the Wild Wild West casino area and The Book sports wagering facility, and Harrah’s Resort Atlantic City. VICI will continue to own the land and real estate associated with Caesars Atlantic City, including the Wild Wild West area.