Caesars Sell-off Restructures Debt
LAS VEGAS (AP) — Caesars Entertainment is selling four properties to a separate unit that it controls for about $1.8 billion as it restructures its debt.
The sale of Bally’s Las Vegas and the other three properties is valued by the company at about $2.2 billion, when debt and renovations at the Quad Resort & Casino are included.
Caesars Acquisition Co. expects the deal to close in the second quarter. Caesars Entertainment will manage the properties.
The other assets include Harrah’s New Orleans, and The Cromwell, which will open later this year and was formerly known as Bill’s Gamblin’ Hall & Saloon.
Caesars Entertainment Corp. said Monday that it expects a deeper net loss of between $1.7 billion and $1.82 billion in the fourth quarter on about $2.05 billion to $2.11 billion in revenue.
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