Harrah's, Caesars to sell 4 casinos for $1.24B (HET, CZR) By Heather Wilson
SAN FRANCISCO (CBS.MW) -- Harrah's Entertainment (HET) and Caesars Entertainment (CZR) said Monday that they have agreed to sell four casinos to a unit of privately-held Colony Capital for $1.24 billion. The casinos, Harrah's East Chicago, Harrah's Tunica, Atlantic City Hilton and Bally's Tunica, are being sold as part of their previously announced merger agreement. Harrah's said it expects to report no material gain or loss from the sale and will use the estimated $476 million after-tax proceeds to reduce debt.