Caesars to sell to Horizon
Staff and wire report
Caesars Entertainment Inc. has agreed to sell its Caesars Tahoe hotel-casino for about $45 million to its neighbor across the street, company officials announced.
An affiliate of Columbia Sussex Corp., a Fort Mitchell, Ky.-based hotel operator, will buy the property. The transaction is expected to be completed by June 2005 and is subject to regulatory approval.
“This acquisition represents a great opportunity to purchase a superior asset in a region in which we have been familiar for 14 years,” said William Yung, Columbia Sussex’s president.
Columbia Sussex and its affiliates operate 64 hotels, including Horizon Casino Resort in Stateline, which is across the street from Caesars Tahoe.
Read more about this development in Monday’s Tahoe Daily Tribune.