Caesars closes sale of Linq Promenade to TPG and Acadia
The sale was announced in October 2024, with Caesars CEO Tom Reeg stating the transaction will accelerate the company’s debt reduction goals.
Key Points
- TPG Real Estate and the Investment Management Platform of Acadia Realty Trust will pay $275m for the property
- Caesars also recently completed a $435m transformation of a former Harrah’s property in New Orleans, Louisiana
Caesars Entertainment announced that it has closed on the sale of its Linq Promenade to a joint venture between TPG Real Estate and the Investment Management Platform of Acadia Realty Trust for $275m.
The agreement was unveiled in October 2024, with Caesars CEO Tom Reeg speaking on the motivation behind the sale, having said, “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.”
In October as well, Caesars revealed a $435m transformation of a former Harrah’s property in New Orleans, Louisiana, a development which had been delayed by the Covid-19 pandemic.
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.
Good to know: Caesars Virginia’s permanent casino will debut December 17, representing the third Caesars property to be opened within the state
The news came 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.
Concurrent with the closing of the Linq Promenade transaction, Caesars made a $275m voluntary prepayment of its term loan B due 2030 with the proceeds from the sale.
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