Caesars Southern Indiana operations sold to Eastern Band of Cherokee Indians

(PRESS RELEASE) -- Caesars Entertainment today announced the closing of the sale of the operations of Caesars Southern Indiana to the Eastern Band of Cherokee Indians for approximately $250 million.

In connection with this transaction, Caesars' annual base rent payments to VICI Properties under the Regional Master Lease will be reduced by $32.5 million. Additionally, effective today, Caesars and the Eastern Band of Cherokee Indians will extend their existing relationship by entering into a long-term agreement for the continued use of the Caesars brand and Caesars Rewards loyalty program at Caesars Southern Indiana.

"I want to thank the Team Members of Southern Indiana for all of their hard work and wish them continued success under their new leadership," said Tom Reeg, CEO of Caesars Entertainment, Inc.

J.P. Morgan and Latham & Watkins LLP represented Caesars Entertainment on the transaction. Innovation Capital LLC and Brownstein Hyatt Farber Schreck represented the Eastern Band of Cherokee Indians.