Caesars selling properties to restructure debt
By Howard Stutz, Las Vegas Review-Journal
Caesars Entertainment Corp. said Monday it’s selling four properties — three on the Strip and Harrah’s New Orleans — to its Caesars Growth Partners subsidiary for $2.2 billion.
The transaction, which the company said in a statement will result in cash proceeds of $1.8 billion, will allow Caesars Entertainment to reduce a portion of its gaming industry-high $23 billion of debt.
Caesars Entertainment will transfer ownership of Bally’s Las Vegas, The Quad and the under-construction The Cromwell, along with Harrah’s New Orleans, to Caesars Growth Partners for $2.2 billion.
Caesars Entertainment is the parent company of Harrah’s Lake Tahoe and Harveys.