Caesars Sells LINQ Promenade for $275 Million

Las Vegas, NV – Caesars Entertainment has announced the sale of the LINQ Promenade to a joint venture between TPG Real Estate and an investment management platform of Acadia Realty Trust. The deal, valued at $275 million, is expected to close before the end of the year.

The sale of the LINQ Promenade aligns with Caesars Entertainment’s strategy of divesting non-core assets and reducing debt. The company aims to utilize the proceeds from the sale to accelerate its debt reduction efforts.

“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals,” said Tom Reeg, Caesars Entertainment’s chief operating officer.

Caesars will retain ownership of the LINQ casino-hotel and the High Roller observation wheel, which are adjacent to the Promenade.

In addition to the LINQ Promenade sale, Caesars Entertainment also finalized the sale of the World Series of Poker brand to NSUS Group Inc. for $500 million. The company will continue to host the flagship WSOP events for the next 20 years.

Both transactions were announced shortly before Caesars Entertainment’s third-quarter earnings call. During the call, Reeg indicated that the company is actively exploring further opportunities to sell non-core assets and reduce debt.

Despite the asset sales, Caesars Entertainment’s Las Vegas casino hotels, including the LINQ and Flamingo, experienced a slight decline in revenue and income during the third quarter compared to the previous year. However, the company remains committed to its debt reduction strategy and long-term growth plans.

Source: Review Journal