Caesars Closing in on Las Vegas Strip Casino Sale
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Caesars Entertainment and MGM Resorts International are fighting for Las Vegas Strip domination. MGM bought the Mirage and is planning to sell it. Caesar's plans to rebrand Bally's hotel/casino to its Horseshoe brand. The company is also planning a sale of one of its Las Las Strip properties.
Vici owns the underlying real estate assets that Caesars casinos sit on. The real-estate investment trust has the right of first refusal on the first two Strip properties Caedars chooses to sell.
The process to sell a Las Vegas Strip asset started early in 22. The sale is governed by the documents that govern VICI agreement. It will be resolved when it's resolved.
Vici Holdings has the right of first refusal on the first two Strip properties Caesars intends to sell. The first asset subject to the agreement would be from a group that includes Flamingo, Paris Las Vegas, Planet Hollywood Resort, and Bally’s. Baly's is not likely to be sold as Caeres has already committed to rebranding it under the Horseshoe name. Paris and Planet Vegas are most likely targets.
