{"id":42358,"date":"2024-12-12T22:34:41","date_gmt":"2024-12-13T06:34:41","guid":{"rendered":"https:\/\/www.casino.org\/vitalvegas\/?p=42358"},"modified":"2024-12-12T23:19:48","modified_gmt":"2024-12-13T07:19:48","slug":"caesars-entertainment-finalizes-sale-of-linq-promenade","status":"publish","type":"post","link":"https:\/\/www.casino.org\/vitalvegas\/caesars-entertainment-finalizes-sale-of-linq-promenade\/","title":{"rendered":"Caesars Entertainment Finalizes Sale of Linq Promenade"},"content":{"rendered":"\n

Casino giant Caesars Entertainment has handed over the keys to the Linq Promenade mall to TPG Real Estate and the Investment Management Platform of Acadia Realty Trust. Just when you thought malls couldn’t get more boring, this happens.<\/p>\n

On the bright side, Caesars Entertainment got a $275 million windfall for the sale, which should allow the company to lower the “holds” on its slot machines, and by that we mean “pay down its debt.<\/p>\n

Caesars made a $275 million prepayment of its “Term Loan B” due 2030 with the proceeds of the sale. This payment lowers the Caesars Entertainment debt to a paltry $12.4 billionish. The sale of the WSOP brand<\/a> will drop that down another $500 million over time, presumably.<\/p>\n

\"\"
What? In 2014, these women worked as servers at Tilted Kilt, a venue in the Linq Promenade, the subject of this story.<\/figcaption><\/figure>\n

Caesars Entertainment did some financial footwork back in Feb. 2024 related to refinancing its debt.<\/p>\n

The sale is part of a recent effort to sell off “non-core” assets in order to pay down debt and reduce interest payments, the bane of any public company’s existence.<\/p>\n

We don’t really understand all the granular financial details, but we challenge you to not become aroused when reading this sentence: “The notes will be guaranteed on a senior secured basis by each existing and future wholly-owned domestic subsidiary of the company that is a guarantor with respect to the company’s senior secured credit facilities.”<\/p>\n

You may need to take a pregnancy test, just saying.<\/p>\n

Here’s what that means in English, which we wrote completely on our own and without the assistance of ChatGPT, probably: The notes (a type of debt or loan) are backed by a strong guarantee. The guarantee comes from the company’s current and future subsidiaries in the U.S. that the company fully owns. These subsidiaries are already acting as guarantors (or co-signers) for the company’s other major loans. So, the same subsidiaries will also be responsible for ensuring these notes are paid back.<\/p>\n

You just got pregnant twice, alert the media.<\/p>\n

Caesars has shed about a quarter of its debt since Eldorado Resorts bought the company in 2020. Yes, during the fricking pandemic. That was a miracle nobody talks about, including us, because we’re still in shock they pulled it off.<\/p>\n

The sale of Linq Promenade, formerly a stinky alley between the former Imperial Palace (now The Linq Las Vegas Hotel + Experience) and Flamingo, was announced<\/a> in Oct. 2024.<\/p>\n

\"\"
Honestly, if you don’t know where Linq Promenade is, would a photo of Linq Promenade really help all that much?<\/figcaption><\/figure>\n

What does the sale mean to you? Not a damn thing, probably.<\/p>\n

Linq Promenade wasn’t really part of the Linq casino proper, so we’re fairly sure one couldn’t use or spend Caesars Rewards loyalty points there.<\/p>\n

The High Roller observation wheel is still owned by Caesars Entertainment, ditto the zipline over the scenic Linq Promenade. “Scenic” meaning rooftop A\/C equipment and pigeon poop, of course.<\/p>\n

What’s up next for a sale? There have been rumblings for some time Caesars Entertainment might sell a Strip casino, but there are no current plans to do so. Reminder: Everything is for sale in Las Vegas at the right price.<\/p>\n

Caesars still has a page on its Web site<\/a> about Linq Promenade, but we assume that will redirect in 3…2…<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"

Casino giant Caesars Entertainment has handed over the keys to the Linq Promenade mall to TPG Real Estate and the Investment Management Platform of Acadia Realty Trust. Just when you thought malls couldn’t get more boring, this happens. 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