Caesars Entertainment to Divest LINQ Promenade on Las Vegas Strip
Caesars Entertainment has signed an agreement to sell its LINQ Promenade asset in Las Vegas for $275 million to a joint venture between Acadia Realty Trust’s Investment Management Platform and TPG Real Estate.
LISTEN TO THIS ARTICLE:Details of the sale were revealed Tuesday, confirming that Caesars intends to divest the shopping, dining, and entertainment hub located on the Las Vegas Strip. The sale still needs to receive the necessary regulatory approvals and closing conditions, and Caesars expects that the sale will finalize by the fourth quarter of the year.
Caesars received legal counsel from Latham & Watkins LLP and Brownstein Hyatt Farber Schreck, LLP. Meanwhile, Kirkland & Ellis LLP represented Acadia Realty Trust and TPG Real Estate in the acquisition process.
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Sale to Accelerate Debt Reduction
Earlier this year, Caesars announced plans to sell its World Series of Poker (WSOP) intellectual property to NSUS Group Inc. for $500 million, with half of the payment in cash. When combined with the LINQ Promenade sale, these transactions will generate $725 million, a figure that Caesars intends to use for debt reduction.
The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals.
Reeg went on to thank the LINQ Promenade’s tenants and team, wishing them ongoing success as the venue changes ownership. The sale includes only the LINQ Promenade’s retail and dining venues, not the LINQ Hotel. The Promenade itself is home to more than 35 shops and restaurants, providing a popular mix of attractions in the heart of Las Vegas.
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