Reno-based Caesars Entertainment Inc. has parted ways with the original Harrah\u2019s casino in downtown Reno.<\/p>\n
On Wednesday, Caesars closed the sale of the property to Las Vegas developer Chris Beavor, founder of CAI investments, for $41.5 million.<\/p>\n
The deal was first announced in January. A quarter of the proceeds will go to Caesars, while 75 percent will go to the company\u2019s affiliated real estate investment trust, Vici Properties Inc.<\/p>\n
Beavor told the Review-Journal this year that he plans to turn the property into a mixed-used project called Reno City Center that will combat Reno\u2019s affordable housing shortage.<\/p>\n
Caesars shares closed up 2.9 percent Wednesday to $56.06 on the Nasdaq. Vici shares closed down 0.1 percent to $23.37 on the New York Stock Exchange.<\/p>\n
SOURCE: https:\/\/www.reviewjournal.com\/business\/casinos-gaming\/caesars-sells-original-harrahs-in-reno-2133641\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Reno-based Caesars Entertainment Inc. has parted ways with the original Harrah\u2019s casino in downtown Reno.
\nOn Wednesday, Caesars closed the sale of the property to Las Vegas developer Chris Beavor, founder of CAI investments, for $41.5 million.
\nThe deal was first announced in January. A quarter of the proceeds will go to Caesars, while 75 percent will …Read More ><\/a><\/p>\n","protected":false},"author":1,"featured_media":1549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press"],"_links":{"self":[{"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/posts\/1534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/comments?post=1534"}],"version-history":[{"count":0,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/posts\/1534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/media\/1549"}],"wp:attachment":[{"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/media?parent=1534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/categories?post=1534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/tags?post=1534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}