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On Thursday, Caesars Entertainment announced that it had closed on the sale of the LINQ Promenade retail corridor on the Strip in Las Vegas for $275 million. It was sold to a joint venture formed between the Investment Management Platform of Acadia Realty Trust and TPG Real Estate.
Caesars had agreed to sell the property in October, projecting that the sale would be completed before the new year. The American casino and hospitality giant was represented by Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck, while Kirkland & Ellis LLP provided transaction counsel for the buyers.
Caesars also announced that the $275 million made from the sale would go towards repaying its Term Loan B, which is due in 2030. According to reports, the company is nearly $13 billion down in debt. “The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” Caesars CEO Tom Reeg said during the October announcement.
The LINQ Promenade includes big-time restaurants like Gordon Ramsey’s Fish & Chips and Yard House, as well as retail outlets and the Brooklyn Bowl concert venue. The High Roller Observation Wheel was also part of the sale, but the hotels surrounding the attraction were not included.
Another Major Sale for Caesars
This isn’t Caesars’ only recent sale. In October, shortly after the initial announcement of the LINQ Promenade sale, the company confirmed it had finalized a deal to sell the World Series of Poker (WSOP) brand to NSUS Group, a Toronto-based investment firm, for $500 million. $250 million was paid in cash, and another $250 million will be provided through a promissory note due in five years.
As part of the deal, Caesars retained the right to host the WSOP live tournament series at its Las Vegas casinos for the next two decades and also secured preferential rights to host live WSOP Circuit events. Caesars will also be allowed to operate online WSOP sites in Pennsylvania, New Jersey, Nevada, and Michigan but are restricted from launching any new poker site for a specific period of time. This sale comes 20 years after Caesars acquired the WSOP brand from the Binion family.
Source: YogoNet
