The sale of the South African casino comes as part of Caesars’ intention to focus on strategic markets.
South Africa.- Caesars Entertainment has announced that it sold its 70% stake in the South African casino Emerald Resort and Casino to Peermont Hotels. The company made this move to focus on strategic markets.
The US$49 million deal will help Caesars continue the operations of the casino until the third quarter of 2019. This is subject to regulatory approvals and other customary closing conditions of the deal.
Tony Rodio, CEO of Caesars Entertainment, said: “While Emerald Resort & Casino is a unique property, it receives limited benefit from the Caesars’ Rewards network effect given its remoteness to other properties in our network.
Rodio added that they are pleased to monetise the non-core asset in the company’s portfolio, which will enable Caesars to sharpen its focus on other strategic markets.
Caesars partners in the US with ESPN
Last week, the company revealed that it reached a sports betting partnership in the US with ESPN. ESPN said that it is partnering with Caesars to build a new branded studio at its LINQ Hotel and Casino in Las Vegas. The studio will launch in 2020 and will be a “hub” for sports betting related content. This includes ESPN’s TV, digital and social platforms, and coverage for the sports events taking place in Las Vegas.
The new deal also includes that Caesars is now ESPN’s official sports-odds data supplier. The casino company has already expanded its reach after the US Supreme Court lifted the federal ban on sports betting. It previously unveiled deals with Bleacher Report to build a branded studio inside Caesars Palace. Furthermore, it also became NFL’s first-ever official casino sponsor.