Caesars' Las Vegas Strip Asset Sale Has a Resolution
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Real estate on the Las Vegas Strip is incredibly valuable. Caesars Entertainment wanted to sell Flamingo, but it was not sold. The company wants to cut the number of hotel rooms on its Strip properties to make the remaining rooms more valuable, and not increase room prices. The sale of Flamedo might have raised room price, because it would have broken up Caeres' continuity on Las Las Strip.
Caesars has decided not to sell its Las Vegas Strip assets. Vici Properties has a right of first refusal on the sale. The company will keep all of its strip assets as it moves forward.
Caesars will keep its Las Vegas Strip assets. The company will pay off $1 billion of its $15 billion in debt. It was believed that Caesar's was interested in selling Flamingo and Planet Hollywood. Reeg apologizes to all of Caeres' shareholders for the overhang in the stock.
