{"id":839,"date":"2018-05-01T13:41:19","date_gmt":"2018-05-01T13:41:19","guid":{"rendered":"https:\/\/www.casinousa.com\/?p=839"},"modified":"2018-05-01T13:41:19","modified_gmt":"2018-05-01T13:41:19","slug":"harrahs-new-orleans-casino-could-be-purchased-by-vici-properties","status":"publish","type":"post","link":"https:\/\/www.casinousa.com\/news\/harrahs-new-orleans-casino-could-be-purchased-by-vici-properties","title":{"rendered":"Harrah\u2019s New Orleans Casino Could Be Purchased By VICI Properties"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/harrahs-new-orleans-casino.jpg\" alt=\"\" width=\"300\" class=\"alignright size-full wp-image-840\" \/><strong>VICI Properties<\/strong>, a real estate investment trust (REIT) has acquired the rights to purchase <a href=\"https:\/\/www.caesars.com\/harrahs-new-orleans\">Harrah\u2019s New Orleans Casino<\/a> based on an October agreement filed with the <strong>Securities and Exchange Commission<\/strong> (SEC). This potential purchase was not something that state legislators who are in the process of formulating major legislation at the behest of the current casino\u2019s owners were aware of. This has raised the question of whether <a href=\"https:\/\/www.casinousa.com\/states\/louisiana\">the state of Louisiana is getting the best deal possible<\/a> in this situation.<\/p>\n<p>Under the deal, VICI has a five-year option to lease the Harrah\u2019s New Orleans casino complex back to its current owners Caesars Entertainment. This contractual clause commenced in October 2017 but state lawmakers were not privy to this information.<\/p>\n<p>Recently, Louisiana lawmakers have been discussing <a href=\"http:\/\/www.legis.la.gov\/legis\/BillInfo.aspx?i=234022\">House Bill 553<\/a>. This bill would give Harrah\u2019s a no-bid, 30-year extension of its right to operate the only land based casino in New Orleans. This would be a big boost to the casino\u2019s operations since it does not need to worry about its license to operate for the next 30 years. This extension is being sought by Harrah\u2019s six years before its current contract expires in 2024. <\/p>\n<p>This piece of legislation was sponsored by House Speaker <strong>Taylor Barras<\/strong>, R-New Iberia. It has already passed the House Criminal Justice Committee and it will be moving to the full House for consideration by the Senate Judiciary B Committee. After that, it will need to pass the full Senate to become a law.<\/p>\n<p><strong>WWLTV<\/strong><\/p>\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/eCGuhE0SKL8?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen><\/iframe>\n<\/div>\n<p>&nbsp;<\/p>\n<h2 id=\"louisiana-lawmakers-should-examine-reit-deal\">Louisiana Lawmakers Should Examine Reit Deal<\/h2>\n<p>However, <strong>Mike Sherman<\/strong>, a New Orleans real-estate lawyer, believes that this would be a bad deal for the state of Louisiana. He states that lawmakers needed to know about the deal between VICI and Caesars Entertainment before they vote on it; since this would inflate the value of Harrah\u2019s and allow Caesars to have a large payday when it sells the casino to <a href=\"https:\/\/viciproperties.com\">VICI<\/a>.<\/p>\n<p>In a statement, Sherman said <\/p>\n<blockquote><p>Harrah\u2019s is pursuing a real-estate flip of epic proportions. In just six years, its casino will be worthless as its gaming contract comes to an end. If the Legislature extends the gaming contract for 30 years, Harrah\u2019s will be worth upwards of $1 billion based upon the value created by the state. The citizens are entitled to approximately $500 million of (that) value, when Harrah\u2019s flips the property to VICI<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"VICI Properties, a real estate investment trust (REIT) has acquired the rights to purchase Harrah\u2019s New Orleans Casino based on an October agreement filed with the Securities and Exchange Commission (SEC). This potential purchase was not something that state legislators who are in the process of formulating major legislation at the behest of the current [&hellip;]","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,5],"tags":[],"class_list":["post-839","post","type-post","status-publish","format-standard","hentry","category-news","category-industry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Harrah\u2019s New Orleans Casino Could Be Purchased By VICI Properties<\/title>\n<meta name=\"description\" content=\"VICI Properties, a real estate investment trust has acquired the rights to purchase Harrah\u2019s New Orleans Casino based on an October agreement\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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