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.”
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.
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