Caesars Entertainment cancels plan to sell Las Vegas Strip property

Talk of a pending sale was diluting stock shares, the CEO stated in its Q3 2022 earnings call.

Caesars Entertainment will cancel its plan to sell one of its properties on the Las Vegas Strip, CEO Tom Reeg announced on Tuesday.

Reeg announced the change in plans during the Q3 2022 investor call, stating that talk of the sale had diluted stock shares.

“We ran into a market where the cash flow of the asset continued to increase,” Reeg said on the conference call, as quoted by KSNV-TV. “The ability of buyers to raise financing made it a very easy decision for us to keep.”

In November 2021, Caesars Entertainment Reeg stated that the company planned to sell one of its properties on the Las Vegas Strip. Caesars Entertainment never revealed which property it planned to sell, only hinting that it was a “center Strip asset.” Currently, the company’s Las Vegas holdings include The Linq, Paris Las Vegas, Planet Hollywood, The Flamingo, Bally’s, and The Cromwell.

This would not have been the only time that Caesars Entertainment sold one of its properties on the Las Vegas Strip in recent years. In 2017, Caesars sold Harrah’s Las Vegas to VICI Properties – a real estate investment company that was formed in 2017 as a spin-off of Caesars Entertainment after it emerged from Chapter 11 bankruptcy.

Vici Properties also owns Caesars Palace, the hotel and casino that serves as Caesars Entertainment’s namesake. Caesars Entertainment still operates both Harrah’s and Caesars Palace, leasing the properties from VICI.

Caesars Entertainment announced a 6% annual revenue increase during the earnings call, with its land-based properties reaching an all-time high third-quarter EBITDA performance.

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