Caesars Entertainment has entered into an agreement to sell the LINQ Promenade for US$250m to a joint venture formed between TPG Real Estate and Acadia.
“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals,” said said Tom Reeg, CEO of Caesars Entertainment.
“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.”
Meanwhile Caesars has also closed the sale of the World Series of Poker brand to NSUS Group for $500m.
Caesars retains the right from NSUS to host the flagship WSOP live tournament series at its Las Vegas casinos for the next 20 years and will receive a license from NSUS to continue operating its recently upgraded WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania. However, it will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions.
The news comes as Caesars shared its Q3 results, showing net revenues of US2.9bn versus $3bn for the prior-year period, a net loss of $9m compared to a $74m net income for the prior-year period, and Adjusted ECITDA of $1bn versus $1bn for the prior-year period.
“During the third quarter, we delivered another quarter of $1 billion of same-store consolidated Adjusted EBITDA,” said Reeg. “Results in Las Vegas reflect record third quarter hotel, F&B and banquet revenues driven by strong occupancy and cash ADRs.
“Regional segment operating results were negatively impacted by new competition, construction disruption and difficult comparisons versus the prior year. Caesars Digital set a new all-time quarterly record for Adjusted EBITDA driven by over 40% growth in net revenues.”
