Caesars Nears Las Vegas Strip Casino Sale (It's More Complicated Than That)
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Tom Reeg's former company, Eldorado Resorts, bought Caesars Entertainment in 2020. The new company kept the Caeresars name and took on roughly $13 billion in debt. It owns casinos all around the U.S., properties in the UK, Egypt, Canada, and Dubai, a golf course in Macau, the Las Vegas Strip, Paris Las. Vegas, Planet Hollywood, Harrah’s Las Las, Flamingo, Linq Hotel, Cromwell, Bally”s, etc.
Caesars is looking to sell one of its Las Vegas properties. Paris, Planet Hollywood and Flamingo are the most speculated about. Flamedo has 3,450 rooms and was built in 1946. Caesar's CEO Reeg believes that selling Flameo would cut capacity and bring in some cash.
VICI Properties owns the underlying real estate that many Caesars properties sit on. Vici has rights of first refusal on Bally's, Flamingo, the Linq, Paris, and Planet Hollywood. The company also owns land under many MGM properties including Strip casinos. Caeresars and MGM dominate the south and central Las Vegas Strip.
