Caesar’s, which has had a $1 billion bid for Las Vegas Strip for about a decade, has agreed to buy the casino chain from the operators of the MGM Grand for $1,325 million.
The deal is a major step toward the company’s goal of building a major new casino in Vegas.
The acquisition is expected to close this summer.
“I think it’s going to be a big moment in the history of Las Vegas,” Caesareen said Tuesday.
“I think we’ve got a lot of history with Caesares here, and it’s just a really, really exciting opportunity to get back in.”
Caesars said it would hire about 500 people in Las Vegas.
The company said in a statement that the deal “will benefit the local Las Vegas economy by creating hundreds of new jobs and strengthening our relationship with the local community, while maintaining Caesarians iconic brands and heritage.”
The Caesarian chain opened its first casino in Las Venetas in 1955 and has been operating in the city since 1984.
The MGM Grand has hosted many of the country’s biggest entertainment events, including the Super Bowl, Super Bowl XLIV and the 2016 Republican National Convention.
The casino was sold to MGM Resorts International for $3.2 billion in 2016, making it the largest sale in MGM’s history.