Caesars delays plan to sell Las Vegas casino

The company intended to sell one of its eight properties on the strip since its merger with Eldorado Resorts but has postponed those plans.

US.- Caesars Entertainment will not sell one of its eight Las Vegas Strip casino resorts until the market rebounds further from the Covid-19 pandemic.

The plan of selling a venue has been on the table since the company’s merger with Eldorado Resorts last year.

According to Las Vegas Sun, the company has postponed the plan until next year, when it expects the scenario to be more stable.

Caesars CEO Tom Reeg said: “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”.

While Caesars has never revealed which property would go on sale, it was reported that California’s San Manuel Band of Mission Indians had shown interest in buying the casino before closing its deal to buy the Red Rock’s Palms Casino Resort.

Caesars posted a net loss of $423m for the first quarter of the year after collecting $1.7bn in net revenues for the three months that ended March 31. The company recorded a net loss of $173m during the first quarter of 2020.

In the Las Vegas market, its revenues were down just over 39 per cent year-on-year, from $822m in the first quarter of 2020 to $497m in the opening quarter of this year.

However, Caesars’ CEO considers the business will continue to grow.

He said: “The numbers don’t tell the story this quarter. We had Illinois and Pennsylvania still closed when we started the quarter.

“In Nevada, we didn’t have the state open to 50 per cent until two weeks were left in the quarter, so we saw demand build through the quarter.”