Tahoe properties part of Caesars unit that is for sale
By Tracy Rucinski, Reuters
When a bankrupt operating unit of Caesars Entertainment went on the market in October, the package consisted of 38 casinos, including Harrah’s Lake Tahoe and Harveys in Stateline. But those watching the sale have focused more on what isn’t being offered.
Potential bidders for CEOC, a casino-operating unit of Caesars Entertainment would be wading into the middle of a costly and complicated bankruptcy, and they note that Caesars has left key assets – including a crucial piece of its big-data customer loyalty program – out of the package.
The offering comes at a time when consumer spending is rising, making regional gaming assets once again desirable.
Analysts and some junior creditors have suggested, however, that Caesars isn’t serious about selling its CEOC operating unit and expressed doubt that the offering will attract any bidders.