Caesars Entertainment still planning to sell a Las Vegas casino, CEO says
Monday 10 de August 2020 / 13:32
⏱ 1 min read
(Las Vegas).- Caesars Entertainment’s top executive said the coronavirus pandemic hasn’t changed the company’s plans to sell a Las Vegas Strip casino, though it could delay a deal.
Before the virus, Caesars contemplated selling a Strip property within a year of last month’s Eldorado Resorts-Caesars merger, which created the biggest gaming company in the U.S., CEO Tom Reeg said Thursday during a quarterly earnings call.
That timeline could now be extended to 18 months, Reeg said. “As soon as we get to the other side of the virus and to more normal business levels, you should expect we’ll be thinking about that,” he said of the sale.
As part of a list of conditions imposed by New Jersey state gaming regulators for approval of the $17.3 billion acquisition of the former Caesars Entertainment by Eldorado Resorts, the newly formed casino company — now the largest operator in the United States — agreed to invest $400 million in the next 36 months at its three Atlantic City properties.
A $25 million sale of Bally’s Atlantic City to Rhode Island-based Twin River Worldwide Holdings is pending, but if the deal falls through, an additional $125 million would be spent as part of the reinvestment plan, The Press of Atlantic City reports.
The massive capital expenditure proposal includes a minimum of $150 million in hotel renovations, gaming upgrades and new food and entertainment offerings at Caesars Atlantic City, in addition to improvements at Harrah’s Resort Atlantic City and Tropicana Atlantic City.
Categoría:Casino
Tags: Sin tags
País: United States
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