Caesars Completes Sale of Linq Promenade for $275 Million
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Caesars Entertainment has successfully completed the sale of Linq Promenade in Las Vegas for $275 million. The property was acquired by a joint venture between TPG Real Estate and Acadia Realty Trust. The proceeds will be used to voluntarily repay a portion of Caesars’ Term Loan B, due in 2030. The move is part of the company’s strategy to divest non-core assets and strengthen its financial position.
Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck handled the transaction for Caesars, with Kirkland & Ellis LLP advising the buyers. Caesars CEO Tom Rigg said the sale will help accelerate the company’s debt reduction efforts.
It is part of a broader asset optimization initiative that also included the sale of the World Series of Poker brand for $500 million. As of September 2024, the company's total debt is $12.7 billion.