Forest City receives final payment in Cleveland casino land, air rights sale

theflyonthewall.com

Forest City Enterprises announced that it has received the final cash installment payment of $34M related to its previously announced $85M land and air rights sale to Rock Ohio Caesars Cleveland LLC, for development of a casino in downtown Cleveland. The company expects to recognize a gain on the sale of the land and air rights of approximately $36.4M, which will be reflected in EBDT results for FQ1 ending April 30.

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