Caesars Nears (or Passes) Deadline for Las Vegas Strip Casino Sale
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Caesars Entertainment is selling a Las Vegas Strip property. The company has made it clear it owns too many rooms on the Strip. It's also not invested in its properties the way it has in other properties. Flamingo is an old-school property that needs a lot of work. Caesar's has invested heavily in Ballys.
Caesars has a deadline to sell Flamingo. CEO Tom Reeg commented on it during his company's second-quarter earnings call. Rege has been clear that Caesar's did not need to sale the property. It's possible that the deadline has passed or that VICI Properties has modified its agreement with Caeres.
Selling Flamingo would help Caesars pay off some of the $15.5 billion in debt it took on when it merged with Eldorado Resorts in 2020. Reeg finds the attention that has been put on the possible deal "kind of amusing" and finds it amusing that the company is being asked to sell the Las Vegas Strip casino.
