Caesars Entertainment Corporation has signed an agreement to sell Harrah's St. Louis to Penn National Gaming, Inc. for $610 million. The transaction is expected to close in the second half of 2012, subject to regulatory approvals.
"The sale of this property exemplifies our strategy to maximize returns from our mix of assets through investments in new markets as well as occasional divestitures," said Gary Loveman, chairman, president and CEO of Caesars Entertainment. "We are committed to expanding our distribution network into growth markets that have the potential for high returns."
It was not immediately clear what changes, if any, Penn National plans to make to the facility.
The property will continue to operate as Harrah's St. Louis until the transaction is closed.