Caesars Plan To Sell Off Casino Resort
US casino giant Caesars Entertainment has said it is planning to sell off one of its eight Las Vegas resorts but not until the market rebounds sufficiently.
With Caesars acquiring UK bookmaker William Hill for £2.9 billion the company is clearly looking at expanding digitally and with eight resorts on the Las Vegas strip executives believe that is too many.
Caesars CEO Tom Reeg said while reporting on the companies firth quarter results: “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.”
Reeg indicated that a sale could happen in 2022, one potential buyer is the San Manuel Band of Mission Indians, who only this week acquired the Palms resort for $650 million and have stated that they are looking for another property this time on the Strip.
On Caesars first quarter results the casino company posted a net loss of $423 million on revenues of $1.7 billion, those figures are counted till the 31st March. That result is compared to the $173 million loss the company suffered in the first quarter of 2020, however both sets of results are impacted by the limitations on customers by the COVID-19 pandemic.
On the results Reeg said: “The numbers don’t tell the story this quarter,” Reeg went on to say. “We had Illinois and Pennsylvania still closed when we started the quarter. In Nevada, we didn’t have the state open to 50% until two weeks were left in the quarter, so we saw demand build through the quarter.”
