Caesars enters into agreement to sell Linq Promenade
The sale is still subject to customary approvals and other closing conditions with an expectation of closing during the fourth quarter of 2024.
Key Points
- The sale will be made to a joint venture between TPG Real Estate and the Investment Management Platform of Acadia Realty Trust
- The two companies will pay Caesars $275m for the Linq Promenade
Caesars Entertainment has announced that the company has entered into a definitive agreement to sell its Linq Promenade to a joint venture between TPG Real Estate and the Investment Management Platform of Acadia Realty Trust. The sale is expected to be completed during the fourth quarter of 2024 and $275m will be paid to Caesars as part of the transaction.
“The sale of the Linq Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals,” Caesars CEO Tom Reeg said.
“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.”
The sale of Linq Promenade is still subject to customary approvals and other closing conditions before closing.
Caesars also announced that its $435m transformation of a former Harrah’s property on Canal Street in New Orleans, Louisiana has finally been completed.
Good to know: Caesars reported its Q3 2024 results on October 29 and announced the closing of its World Series of Poker transaction with NSUS Group
The news comes just four months prior to when the city will host Super Bowl LIX, as well as numerous college football games this winter.
While construction began before the Covid-19 pandemic broke out, costs still rose by more than $100m due to post-pandemic inflation and obvious delays.
The renovation has included rolling upgrades to the 115,000 sq ft gaming area, including a World Series of Poker room and a new Caesars sportsbook space, which features a 147-ft wall of television screens.
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