Caesars Entertainment Sells $2.2B of Assets

LAS VEGAS—Caesars Entertainment Corp. has entered into a definitive agreement to sell Bally’s Las Vegas, the Cromwell (formerly Bill’s Gamblin’ Hall & Saloon), the Quad and Harrah’s New Orleans to Caesars Growth Partners LLC. The purchase price was $2.2 billion, including assumed debt of $185 million and committed project capital expenditures of $223 million, resulting in anticipated cash proceeds of $1.8 billion, says the company.

“Since being taken private near the beginning of the global financial crisis, we have faced an incredibly challenging business environment and a highly leveraged capital structure,” says Gary Loveman, chairman and chief executive officer of Caesars Entertainment. “Despite these obstacles, we have invested significantly in the growth of our network and the enhancement of our assets while concurrently deploying a wide array of financial and operational tools to manage the company’s capital structure and create value.”