Caesars Entertainment is selling its US-based Harrah’s St Louis casino property to Penn National Gaming in a deal worth $610m.
The sale, which is expected to close in the second half of 2012, is subject to regulatory approvals.
"Harrah's St Louis is a quality property with a talented team,” said Gary Loveman, chairman, president and chief executive officer of Caesars Entertainment. “We are grateful to our colleagues in St Louis for their commitment to providing excellent service to our customers. The sale of this property exemplifies our strategy to maximise returns from our mix of assets through investments in new markets as well as occasional divestitures.
"We are committed to expanding our distribution network into growth markets that have the potential for high returns."
The news comes as the Ohio Casino Control Commission approved Caesars’ gaming operator licence for the new Horseshoe Cleveland casino property due to open next week.
The $350m casino, which will feature 2,100 slot machines and 63 table games, is being developed in partnership with Rock Gaming.
