Caesars Entertainment Reverses Plans to Sell a Las Vegas Strip Property

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Gwinnett Daily Post

Major Player Answers Las Vegas Strip Casino Sale Question

Caesars Entertainment flirted with selling one of its Las Vegas Strip properties for much of 2022. It was a public process that the company gave updates on regularly, but those updates never actually told people much. That led to all sorts of speculation as to exactly which Strip resort casino the company would sell. Logically, Planet Hollywood…

Land-based ・ 21 May 2023

Review Journal

6 biggest casino deals on the Las Vegas Strip in 2022

A number of casino operators changed up their real estate portfolio this year with sales, acquisitions and leasebacks - showcasing a flurry of activity after the short but steep economic fallout caused by the COVID-19 pandemic. And a number of those deals, announced last year, have closed in 2022. Here are six of this year's major deals on the…

Industry ・ 26 December 2022

The Street

This Year's Best Las Vegas Strip Deal Was One That Never Happened

Las Vegas entered 2022 with a whimper. After a year that had been ruined due to covid, it seemed like the turning of the calendar would mark a new beginning for the Las Vegas Strip. The Consumer Electronics Show (CES), one of Las Vegas's largest conventions, which had been canceled the previous year, would make a full return in all its glory. That,…

Land-based ・ 26 December 2022

The Street

Caesars Las Vegas Strip Failure Turns Into a Huge Win

Every inch of land on the Las Vegas Strip has become incredibly valuable. Recent sales have placed the value of a single acre at $10 million -- and that's land located on the less popular northern end of the Strip. The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors recently approved the sale and licensed use of a ten-acre…

Land-based ・ 26 November 2022

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The Street

Caesars' Las Vegas Strip Failure Turns Into a Huge Win

Every inch of land on the Las Vegas Strip has become incredibly valuable. Recent sales have placed the value of a single acre at $10 million -- and that's land located on the less popular northern end of the Strip. The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors recently approved the sale and licensed use of a ten-acre…

Land-based ・ 26 November 2022

The Street

Huge Las Vegas Strip Casino Deal Falls Through

Real estate on the Las Vegas Strip has become incredibly valuable. Strips of land sell for tens of millions of dollars and any parcel big enough to host a casino goes for much more than that. Actual casinos sell for billions of dollars. MGM Resorts International MGM sold Mirage to Hard Rock International for $1 billion and paid $1.625 billion to…

Land-based ・ 12 December 2022

The Street

Caesars' Las Vegas Strip Asset Sale Has a Resolution

Real estate on the Las Vegas Strip has become incredibly valuable. Strips of land sell for tens of millions of dollars and any parcel big enough to host a casino goes for much more than that. Actual casinos sell for billions of dollars. MGM Resorts International MGM sold Mirage to Hard Rock International for $1 billion and paid $1.625 billion to…

Land-based ・ 02 November 2022

Vegas Slots Online

Churchill, Boyd Complete Major Buyouts, Caesars U-Turns

Tuesday's biggest deal, however, emerged from the Louisville, Kentucky headquarters of Churchill Downs Incorporated (CDI), which has completed its previously announced acquisition of Peninsula Pacific Entertainment (P2E) for $2.75bn. CDI's completed purchase followed receipt of customary licensing approvals from Virginia, New York, and Iowa, and…

Land-based ・ 02 November 2022

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Review Journal

Caesars Entertainment says Las Vegas market still strong

Caesars Entertainment Inc. improved its third-quarter revenue when compared to the same time a year earlier, according to its earnings report shared Tuesday. For the quarter that ended Sept. 30, Caesars Entertainment reported net income of $52 million, or $0.24 per share, on revenue of $2.89 billion. During the same period last year, it reported a…

Land-based ・ 01 November 2022

The Street

Huge Las Vegas Strip Casino Deal Looks Dead

Fortunes get made and lost in Las Vegas and that's not just something that impacts gamblers. Companies including Caesars Entertainment (CZR), MGM Resorts International (MGM), Wynn Resorts (WYNN), and newcomers including Hard Rock International want a piece of the action on what has become the most lucrative (and competitive) 4.2-mile stretch of…

Land-based ・ 13 October 2022

Jackson Progress Argus

Caesars Misses Deadline on Las Vegas Strip Casino Sale

It looks like the sale won't be happening (at least for now) and that could mean big changes at the iconic resort casino Selling an asset on the Las Vegas Strip, at a time when any property on that historic 4.2-mile road has become incredibly valuable, seems like a terrible idea. Yes, prices have hit historic highs, but the value of the asset still…

Land-based ・ 01 October 2022

The Street

Caesars Nears (or Passes) Deadline for Las Vegas Strip Casino Sale

Selling an asset on the Las Vegas Strip, at a time when any property on that historic 4.2-mile road has become incredibly valuable, seems like a terrible idea. Yes, prices have hit historic highs, but the value of the asset still seems higher than any price you might get for it. That makes it at least somewhat questionable as to why Caesars…

Land-based ・ 25 September 2022

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The Street

Bally's Close to Making a Huge Las Vegas Strip Deal

In early August, Bally's Corp. (BALY) stock tumbled after the casino operator cut its 2022 revenue and EBITDA estimates due to weakness at its venue in Atlantic City. The company is now expecting 2022 EBITDA between $535 million and $550 million, down from its previous forecast between $560 million and $580 million. The company now expects sales…

Land-based ・ 16 August 2022

The Street

Caesars Inches Closer to Huge Las Vegas Strip Move

Caesars Entertainment (CZR) - Get Caesars Entertainment Inc. Report and MGM Resorts (MGM) - Get MGM Resorts International Report dominate the south and central Las Vegas Strip. Their properties serve all audience segments, from high-end experiences like MGM Grand and Caesars Palace to lower-end properties like Caesars Bally's and Flamingo and MGM's…

Land-based ・ 04 August 2022

Casino City Times

This Week in Gambling: Caesars selling Flamingo Las Vegas?

Our gambling news this week finds Caesars hemorrhaging cash and looking to sell a casino on the Las Vegas Strip. And while most suspected Planet Hollywood Las Vegas would be the property sold, new information indicates that Flamingo Las Vegas is the one on the market. But can Caesars find a buyer for the 75 year old property? Having just celebrated…

Land-based ・ 12 May 2022

The Street

Caesars Nears Las Vegas Strip Casino Sale (It's More Complicated Than That)

Caesars Entertainment (CZR) - Get Caesars Entertainment Inc Report Chief Executive Tom Reeg spent $17.3 billion when his former company, Eldorado Resorts, bought the casino giant in 2020, The new company kept the Caesars name and took on roughly $13 billion in debt at the time of the deal. The combined company owns casinos all around the U.S. and…

Land-based ・ 09 May 2022

Vegas Slots Online

Caesars Looking to Offload Flamingo Casino for Over $1bn

Caesars Entertainment Inc. is looking to sell its Flamingo Casino for a price tag of over $1bn, per sources close to Bloomberg. interest has dwindled because of the necessary renovations No potential buyers have emerged from private deliberations regarding the sale. The casino has been offered to private firms and other agencies, but interest has…

Land-based ・ 06 May 2022

The Street

Caesars Closing in on Las Vegas Strip Casino Sale

Caesars Entertainment (CZR) - Get Caesars Entertainment Inc Report and MGM Resorts International (MGM) - Get MGM Resorts International Report fight for domination over the south and central Las Vegas Strip. Both companies have made recent moves to one-up the other, with the most notable being MGM essentially - though not literally - trading the…

Land-based ・ 06 May 2022

The Nevada Independent

A buyer’s market: Vegas Strip casinos a hot commodity

High-profile Las Vegas Strip resorts aren't put up for sale every day. Last week, however, Caesars Entertainment and MGM Resorts International, the Strip's two largest operators with a combined 17 properties, each said they wanted to part ways with a hotel-casino. In a year that has seen more than $30 billion in announced mergers and acquisition…

Covid ・ 08 November 2021

Travel Awaits

Two Major Las Vegas Strip Resorts Putting Hotels Up For Sale

Most visitors on the Las Vegas Strip know there are dozens of hotels and casinos, each with its own theme or individual aesthetic. But behind the scenes, many of the highest-profile properties are owned by two companies: MGM Resorts and Caesars Entertainment. And in the past few months, the two companies have been wheeling and dealing with their…

Travel ・ 05 November 2021

Review Journal

12 Las Vegas casinos, resorts including Mirage, Palms remain closed

Las Vegas is known for being a city that never sleeps, but several of its properties have had their lights turned off for nearly five months. A total of 12 properties owned by MGM Resorts International, Caesars Entertainment Inc., Red Rock Resorts Inc. and Boyd Gaming Corp. have yet to reopen in Las Vegas, as occupancy rates hover as low as 30…

Travel ・ 07 May 2021

The Nevada Independent

Indy Gaming: Caesars pulls the plug on its three-year plan to sell a Strip casino

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz Caesars Entertainment CEO Tom Reeg wanted…

Sports ・ 09 November 2022