Caesars still to sell Las Vegas resort
Caesars Entertainment has decided to delay the selling of one of its Las Vegas Strip resorts.
Caesars Entertainment will wait for the local market to rebound from the coronavirus pandemic before selling one of its eight Las Vegas Strip resorts, which could happen next year.
The company had said it was open to selling a Strip resort when it merged with Eldorado Resorts but Caesars CEO Tom Reeg (pictured) has delayed the idea.
“We remain convinced that it does not make sense for us to market an asset until we can market it off the cash flow that we’re doing with it, not off a bridge to what we think we can do with it,” he said.
According to reports, a potential buyer could have been the San Manuel band of Mission Indians, as its CEO, Laurens Vosloo claimed to look at an unnamed Strip property before agreeing a $650m deal to buy the Palms.
Yet waiting for the Las Vegas market to bounce back could be the best approach for Caesars as the company has announced losses in this sector. Last year, the group made a net loss of $173m in the first quarter and this year it announced its revenues were down in the Las Vegas market; a 39% decline year-over-year from $822m to $497m.
Caesars say it expects operations in Las Vegas to improve as the year goes on and maybe a Strip resort could be sold next year.
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