Downstream Casino Bar  Las Vegas)Amid a flurry of high profile Strip asset sales this year, including the Venetian and Sands Convention Center in March and the Cosmopolitan in September, speculation intensified regarding when Caesars would divest one of its Sin City properties. firekeepers casino win lob statement Previously, the operator said such a transaction would not occur until next year, and that’s the timeline it’s sticking to. live casino 22.com login Slot Machine Casino Images Jrmn We also think this is an opportune time to execute on our strategy of a strip asset sale. Hard Rock Casino Tampa Restaurants Jufi So you should expect us to put that in motion in the early part of ’22,” said CEO Tom Reeg on the company’s third-quarter earnings conference call on Tuesday. seven feathers casino oregon jobs Reeg didn’t specify which one of the operator’s eight Sin City venues could be on the sale block. pechanga casino temecula ca The other from that group — Caesars Palace — is owned by VICI Properties (NYSE:VICI). Sale Could Fetch Premium PriceThe comparisons aren’t apples-to-apples, but recent Las Vegas gaming property transactions provide some template for realistic price ranges on a Caesars’ asset sale. 7 turtle creek dr las atlantis casino no deposit codes

Additionally, the operator has scarcity value on its side. Turtle Lake Casino Application Nacg “Now we’ve got a track record that we can point to in terms of what the property can generate, and the playing field has been cleared with the Cosmo and Aria trades, to where we should have a pretty robust — we should encounter pretty robust demands for a center strip asset that, frankly, may be one of the last ones to trade for quite some time,” said Reeg. In July, MGM Resorts Internationjamul casino phone numberal (NYSE:MGM) sold the property assets of Aria and Vdara to private equity firm Blackstone (NYSE:BX) for . 89 billion in cash in a sale-leaseback transaction. Reeg didn’t say if Caesars is considering a sale-leaseback or a traditional divestment. But he notes, “We’d expect to sell a single property and be done. no deposit bonus casino app ”Following the 2020 takeover by Eldorado Resorts that created “new Caesars,” speculation swirled regarding which of its Las Vegas properties Caesars could part with.

Key Insights and Expert Analysis

Planet Hollywood and Paris were often the epicenters of those rumors. aliante casino restaurants In a deal struck with VICI on the day it announced its offer for Caesars in June 2019, Eldorado granted the landlord rights of first refusal on Flamingo Las Vegas, Bally’s Las Vegas, Paris Las Vegas, and Planet Hollywood. Those rights extend to a second possible deal, which would include the remainder of that group — assuming one sale pact is reached — and the LINQ Hotel & Casino. golden spike hotel casino las vegas Caesars Property Sale: Big Cash BoosterCombine a Las Vegas sale with incoming cash from the sale of William Hill’s international assets, paring of the NeoGames (NASDAQ:NGMS) stake, and increasingly robust cash flow from its land-based casinos, and Caesars could have “well in excess of billion of cash to deploy in 2022,” said Reeg. tachi palace casino movie theater Free Spins Red Stag Casino Kekd Not surprisingly, some of that capital will be spent on iGaming and sports wagering. Those segments have long been viewed as catalysts for Caesars stock, and Reeg sees the digital business turninjamul casino phone numberg positive on the basis of earnings before interest, taxes, depreciation and amortization (EBITDA) by the start of the 2023 football season. the star gold coast casino opening hours However, Reeg adds, “The vast majority of that cash is going to go to pay down debt. seminole casino miami florida

” Caesars is aiming to reduce its annual interest expenses to 0 million to 0 million below where those costs were when the Eldorado takeover was finalized. The Richmond casino referendum outcome in Virginia was expected to be close. island view casino insider login And close it was, as it took until Wednesday morning around 10 am to declare an outcome. aliante casino hotel expedia Richmond casino signs outside a polling place in the Virginia capital hyped the benefits of allowing a gambling property to come to town. red stag casino registration But city residents narrowly rejected the local free slot era game