{"id":6844,"date":"2014-03-04T00:27:54","date_gmt":"2014-03-04T07:27:54","guid":{"rendered":"https:\/\/www.casino.org\/vitalvegas\/?p=6844"},"modified":"2014-03-04T00:34:59","modified_gmt":"2014-03-04T07:34:59","slug":"caesars-entertainment-sells-three-vegas-hotels-will-use-223-million-sale-renovate-quad","status":"publish","type":"post","link":"https:\/\/www.casino.org\/vitalvegas\/caesars-entertainment-sells-three-vegas-hotels-will-use-223-million-sale-renovate-quad\/","title":{"rendered":"Caesars Entertainment Sells Three Vegas Hotels to Itself, Will Use $223 Million From the Sale to Renovate The Quad"},"content":{"rendered":"<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body><p>We. Are. Not. Making. This. Up.<\/p>\n<p>In one of the more bizarre Las Vegas stories in some time (that, again, we aren&rsquo;t making up), Caesars Entertainment has announced it&rsquo;s going to sell four hotels, three of which are in Las Vegas, to itself.<\/p>\n<p>Caesars Growth Partners (a subsidiary of Caesars Entertainment), will purchase Bally&rsquo;s Las Vegas, The Cromwell, The Quad and Harrah&rsquo;s New Orleans from, wait for it, Caesars Entertainment for $2.2 billion, &ldquo;including assumed debt of $185 million and committed project capital expenditures of $223 million, resulting in cash consideration of approximately $1.8 billion.&rdquo;<\/p>\n<figure id=\"attachment_6845\" aria-describedby=\"caption-attachment-6845\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2014\/03\/the_cromwell_las_vegas1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazyload size-full wp-image-6845 \" style=\"border: 1px solid black;\" alt=\"The Cromwell\" src=\"\/vitalvegas\/dist\/images\/common\/transparent_3x2.gif\" width=\"800\" height=\"534\" data-src=\"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2014\/03\/the_cromwell_las_vegas1.jpg\"><\/a><figcaption id=\"caption-attachment-6845\" class=\"wp-caption-text\">The Cromwell, formerly the Gansevoort Las Vegas, formerly Bill&rsquo;s Gamblin&rsquo; Hall &amp; Saloon, formerly the Barbary Coast. There will be a quiz.<\/figcaption><\/figure>\n<p>The sale is expected to happen in the second quarter of 2014.<\/p>\n<p>This somewhat incestuous transaction will miraculously result in a $223 million, long-awaited renovation of The Quad, so it has that going for it.<\/p>\n<p>The news release says, &ldquo;The transformation of The Quad will create a new design-inspired urban hotel combining boutique sensibilities with full scale resort amenities.&rdquo; Because you could really hurt your head on those miniature resort amenities.<\/p>\n<p>The renovations at The Quad will include completion of the <a href=\"https:\/\/www.casino.org\/vitalvegas\/the-quad-what-a-difference-a-wrap-makes\/\" target=\"_blank\">exterior facade<\/a>, remodel of the guest rooms (awesome), an expansion of meeting spaces and new &ldquo;dining experiences.&rdquo;<\/p>\n<p>We&rsquo;re most excited about the &ldquo;substantial infrastructure upgrades.&rdquo; Assuming that refers to go-go dealers.<\/p>\n<figure id=\"attachment_6846\" aria-describedby=\"caption-attachment-6846\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2014\/03\/the_quad_hotel.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazyload size-full wp-image-6846 \" style=\"border: 1px solid black;\" alt=\"The Quad\" src=\"\/vitalvegas\/dist\/images\/common\/transparent_3x2.gif\" width=\"800\" height=\"533\" data-src=\"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2014\/03\/the_quad_hotel.jpg\"><\/a><figcaption id=\"caption-attachment-6846\" class=\"wp-caption-text\">The Quad, formerly Imperial Palace, formerly Flamingo Capri, formerly cacti.<\/figcaption><\/figure>\n<p>The Quad&rsquo;s renovation is expected to be completed in the first half of 2015.<\/p>\n<p>How is all this possible given the fact Caesars Entertainment is <a href=\"https:\/\/www.casino.org\/vitalvegas\/caesars-entertainment-hosts-bake-sale-to-lower-massive-debt\/\" target=\"_blank\">$23 billion in debt<\/a>? It&rsquo;s best that we focus on the Vegas newness, rather than the WTF.<\/p>\n<p>Scratching your head? <a href=\"http:\/\/www.reviewjournal.com\/business\/caesars-sells-four-properties-including-three-las-vegas-strip-subsidiary\" target=\"_blank\">This might help<\/a>. See all the details of this fascinating bit of financial wizardry in the news release posted, in its entirety and with refreshingly little analysis, at the Wall Street Journal.<\/p>\n<p>Note: If your head explodes, this blog is not cleaning that up.<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"<p>We. Are. Not. Making. This. Up. In one of the more bizarre Las Vegas stories in some time (that, again, we aren&rsquo;t making up), Caesars Entertainment has announced it&rsquo;s going to sell four hotels, three of which are in Las Vegas, to itself. Caesars Growth Partners (a subsidiary of Caesars Entertainment), will purchase Bally&rsquo;s Las [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[23,2,30],"tags":[],"class_list":["post-6844","post","type-post","status-publish","format-standard","hentry","category-vegas","category-lasvegashotels","category-las-vegas-wtf"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Caesars Entertainment Sells Three Vegas Hotels to Itself, Will Use $223 Million From the Sale to Renovate The Quad | Vital Vegas<\/title>\n<meta name=\"description\" content=\"Caesars Entertainment is purchasing four hotels, three of which are in Las Vegas, from itself.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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