LAS VEGAS (AP) - Caesars Entertainment Corp. says it will sell its Harrah's hotel-casino outside St. Louis to rival Penn National Gaming for $610 million.
The Las Vegas Review-Journal reports (http://bit.ly/IQHxzz) Caesars and Penn National gave different reasons for the all-cash transaction that could close later this year.
Caesars Entertainment Chairman Gary Loveman says the company is looking at other growth markets. Caesars is opening the Horseshoe Casino Cleveland next week and Horseshoe Casino Cincinnati next year.
Penn National Chairman Peter Carlino says Harrah's St. Louis will be renamed under the company's Hollywood label. This will be Penn's second casino in Missouri, although it has others in nearby Alton, Ill., and Kansas City, Kan.
Penn National is opening the Hollywood Casino Toledo in Ohio later in May and Hollywood Casino Columbus later this year.
Information from: Las Vegas Review-Journal, http://www.lvrj.com