US-based casino-entertainment company Caesars Entertainment has wrapped up the previously announced $250 million sale of its Caesars Southern Indiana operations to the Eastern Band of Cherokee Indians (EBCI).

The deal was announced in December 2020.

Following the closing of the deal, the Eastern Band of Cherokee Indians has entered into a triple-net lease agreement with VICI Properties, which maintains ownership of the real estate of Caesars Southern Indiana.

According to VICI Properties, the initial total annual rent under the lease is $32.5 million. The lease has an initial term of 15 years and comes with four five-year tenant renewal options.

Caesars Entertainment announced that it has entered into a long-term agreement with the Eastern Band of Cherokee Indians for the continued use of the Caesars brand as well as the Caesars Rewards loyalty program at Caesars Southern Indiana.

Tom Reeg — CEO of Caesars Entertainment said: “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.”

  Caesars Entertainment, Eastern Band of Cherokee Indians, Indiana, Tom Reeg, USA, VICI Properties