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Caesars Entertainment the US casino giant has sold its 175 acre piece of land in Macau which was hoped to once become a casino resort for $438 million, meaning the company lost $140 million in its attempt to move into the highly lucrative Macau gambling sector after buying it for $578 million back in 2007.
The company tried in vain to secure a gambling license on the gambling hub off China without success and the golf resort that sits on the land was not enough for Caesars to continue their investment so have finally given up hope of ever entering the Macau market where so many of their competitors have enjoyed continuing increased profits while the US giant struggles at home with lower revenues and profits.
Caesars is the largest casino operator in the US with properties in Las Vegas, Atlantic City, New Jersey, Indiana, Louisiana, Mississippi and many other states, but it is the only major US casino company that was particularly damaged during the recession because it does not have casino presence in Macau.
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