Caesars to sell Las Vegas Strip casino

Home » Caesars to sell Las Vegas Strip casino

Quoting the $5.6bn MGM Resorts is paying for The Cosmopolitan as an enticement, Caesars Entertainment says it will sell one of its Las Vegas Strip resorts by early next year.


Caesars’ operating results set an all-time quarterly adjusted-earnings record in Las Vegas, as well as a new third-quarter record for its regional segment. Las Vegas topped its record from the second quarter.

“We think this is an opportune time to execute on our strategy of a Strip-asset sale, so you should expect us to put that in motion in the early part of 2022,” Caesars CEO Tom Reeg said.

“The playing field has been cleared with The Cosmo and Aria trades to where we should have a pretty robust demand for a centre-Strip asset that frankly may be one of the last ones to trade for quite some time.”

More about:  APAC gaming to remain challenging in 2022

Reeg said that including the sale, Caesars should have in excess of $5bn in cash to deploy in 2022. Some of that will be spent on digital and capital projects. Most, however, will go to pay down debt.

Leave a Reply

Your email address will not be published. Required fields are marked *

Gambling News from NewsCasinoNew.com is made for the most passionate fans of online casinos and internet gambling. We cover everything: from popular gambling world events and trends to new casino slot game releases and reviews, you will find the latest news stories.