English French German Italian Portuguese Russian Spanish

Caesars expects to start sale of Las Vegas Strip property early next year

LAS VEGAS (KSNV) — Caesars Entertainment expects to put into motion the sale of one of its Las Vegas Strip properties early next year, the company's CEO has revealed.

CEO Tom Reeg said Tuesday during a third-quarter earnings conference call that Caesars waited to establish a track record for creating revenue before marketing anything.

"The playing field has been cleared with the Cosmo [Cosmopolitan] and Aria trades to where we should have a pretty robust -- we should encounter pretty robust demands for a center Strip asset that, frankly, may be one of the last ones to trade for quite some time," Reeg said.

The Cosmopolitan of Las Vegas traded hands in September. Blackstone sold the real estate to a consortium and the rights to operate the casino-hotel to MGM Resorts for a total of $5.65 billion.

MGM also bought out the remaining 50% stake in Aria and Vdara that month and sold both resorts' real estate to Blackstone for $3.9 billion.

Executives with Caesars confirmed back in August they would explore a Strip casino sale for sometime next year.

Caesars' Las Vegas Strip properties are Harrah's, Bally's, Paris, Flamingo, The Cromwell, Caesars Palace, Planet Hollywood and The LINQ.

The company has not disclosed which of those casino-resorts would be up for sale.


Source: 3News Las Vegas