Caesars Entertainment Corporation said it has signed an agreement to sell Harrah's St. Louis to Penn National Gaming, Inc. for $610 million in cash. The transaction is expected to close in the second half of 2012, subject to regulatory approvals.

"Harrah's St. Louis is a quality property with a talented team,” said Gary Loveman, chairman, president and CEO of Caesars Entertainment. “We are grateful to our colleagues in St. Louis for their commitment to providing excellent service to our customers. 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. We are committed to expanding our distribution network into growth markets that have the potential for high returns."

The property will continue to operate as Harrah's St. Louis until the transaction is closed. Deutsche Bank Securities Inc. served as financial advisor to Caesars Entertainment on this transaction.