{"id":42009,"date":"2024-10-29T16:59:30","date_gmt":"2024-10-29T23:59:30","guid":{"rendered":"https:\/\/www.casino.org\/vitalvegas\/?p=42009"},"modified":"2024-10-30T14:35:11","modified_gmt":"2024-10-30T21:35:11","slug":"caesars-entertainment-to-sell-linq-promenade","status":"publish","type":"post","link":"https:\/\/www.casino.org\/vitalvegas\/caesars-entertainment-to-sell-linq-promenade\/","title":{"rendered":"Caesars Entertainment to Sell Linq Promenade"},"content":{"rendered":"\n

Casino giant Caesars Entertainment announced plans to sell Linq Promenade, the mall between Linq casino (technically, “Linq Hotel + Experience,” we are not making this up) and Flamingo. The former stinky alley is being sold for $275 million.<\/p>\n

The Linq Promenade is being sold to TPG Real Estate and the Investment Management Platform of Acadia Realty Trust, which just screams fun and excitement, if you ask us.<\/p>\n

The sale follows a recent trend of Caesars selling off “non-core” assets to help pay down its debt. How does the sale affect you? It doesn’t, at all, but it’s a slow news day, so here we are.<\/p>\n

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Monetizing idle space is a time-honored tradition. That’s how we ended up with Grand Bazaar Shops, too.<\/figcaption><\/figure>\n

No additional details were provided about the sale, but here’s the fancy, lawyer-drafted statement attributed to one of our favorite casino CEOs, Tom Reeg: “The sale of the Linq Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the Linq Promenade for their partnership over the last 10 years and wish them continued success.”<\/p>\n

Like we said, cashy-cashy to help deal with the company’s imposing $12.7 billion in debt.<\/p>\n

This asset dump is similar to when Caesars Entertainment sold the WSOP brand<\/a> recently. In that sale, Caesars got $250 million up front, along with a promissory note for another $250 million due in five years.<\/p>\n

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The High Roller wheel is a Vegas must-do. Linq Promenade, not so much.<\/figcaption><\/figure>\n

The whole idea is to sell assets that aren’t doing all that much for the company to pay down the debt and invest in making our personal experience at Caesars Palace more enjoyable. We probably made up that last part, but that’s what’s happening.<\/p>\n

Caesars Palace just unveiled a renovated high limit slot area, for starters.<\/p>\n

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Done. Revamped high limit slot room is adorable, echoing the design of the dome above the main casino. Huge new high limit slots and tables areas will be live in the next few weeks. @CaesarsPalace<\/a> https:\/\/t.co\/aGCw54D3N4<\/a> pic.twitter.com\/DBWJiCiX1O<\/a><\/p>\n

— Vital Vegas (@VitalVegas) October 26, 2024<\/a><\/p><\/blockquote>\n