“Expanding our relationship with the Eastern Band of Cherokee Indians is an exciting event for Caesars Entertainment,” Caesars Entertainment chief executive Tom Reeg commented. Once the transaction closes – which is expected in the third quarter of 2021 – the pair will enter into a long-term agreement for the tribe to use the Caesars brand and Caesars Rewards loyalty program at the property. A second property, Harrah’s Cherokee Valley River, followed in 2015. The deal sees Caesars continue a relationship with the Eastern Band of Cherokee Indians that dates back to 1996, when they partnered to open Harrah’s Cherokee in North Carolina.
Vici Properties, the real estate investment trust spun off from Caesars in 2017, will also sign a new lease with the tribe for annual rent payments of $32.5m.
The sale of the Caesars Southern Indiana operations will see the tribe pay the operator $250m, subject to customary price adjustments. Caesars Entertainment has agreed to sell the operations of its Caesars Southern Indiana casino to the Eastern Band of Cherokee Indians, as well as completing the sale of its Eldorado Resort Casino Shreveport to Bally’s Corporation.
