Caesars sells LINQ Promenade for $275 million – Nevada Globe

Las Vegas, Nevada – Caesars Entertainment announced the sale of the LINQ Promenade to a joint venture between TPG Real Estate and investment management platform 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 is consistent with Caesars Entertainment’s strategy to sell non-core assets and reduce debt. The company aims to use the proceeds from the sale to accelerate its debt reduction efforts.

“The sale of LINQ Promenade represents an incremental sale of non-core assets that will accelerate our debt reduction goals.” said Tom Rigg, Chief Operating Officer of Caesars Entertainment.

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

In addition to the sale of the LINQ Promenade, 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 announcement. During the call, Reeg indicated that the company is actively exploring additional opportunities to sell non-core assets and reduce debt.

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

Source: Review Journal