Caesars to hold on to Vegas Strip properties

Caesars Entertainment will not be selling off any of its eight Las Vegas Strip interests any time soon, the company said this week, after announcing its third-quarter results.

The company, responding to media questions on the results, also said that its reported plan earlier in the year to sell off The Flamingo and Planet Hollywood to help Eldorado Resorts reduce its debt on the US$17.3bn acquisition of Caesars in 2020, was now history.

Caesars CEO Tom Reeg told Wall Street analysts in a post-results declaration interview that market conditions at the time put up that possibility purely as a discretionary process.

Reeg’s CFO, Bret Yunker, also told the meeting that the plan to open a casino in Time Square, New York, if a licence was obtained in conjunction with SL Green Realty, was a serious one. “It will be a very competitive process and we look forward to putting our best foot forward when the request foe proposals begins,” he said.