CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!

Gaming News

 

Caesars Completes Sale of Bally's New Orleans

8 June 2005

LAS VEGAS -- (PRESS RELEASE) -- Caesars Entertainment Inc. (NYSE: CZR) today announced that it has completed the sale of Bally's Casino New Orleans to an affiliate of Columbia Sussex Corporation, a hotel, resort and casino operator based in Fort Mitchell, Kentucky, for approximately $24 million.

The closing of the sale followed a unanimous decision by the Louisiana Gaming Control Board, sitting in Baton Rouge, to approve the transfer of the Bally's New Orleans gaming license from Caesars to the Columbia Sussex affiliate.

"We are excited about the Bally's Casino New Orleans acquisition. We think it provides a great opportunity in the New Orleans market and we plan significant improvements and changes to the property," said William Yung, President of Columbia Sussex Corporation.

Under the terms of the agreement, Columbia Sussex will purchase certain assets of Bally's Casino New Orleans, and will assume certain related current liabilities. Caesars expects to report no material gain or loss on the transaction. Libra Securities was the exclusive financial advisor to Caesars on the transaction.

< Gaming News