Although third-quarter results were announced last week for Caesars Entertainment, they took a distant back seat to the news that the company was selling its Ferris wheel and Linq Promenade at a steep loss. Howard Stutz of The Nevada Independent cut to the quick, pointing out that the $275 million payday was a 50% discount to how much Caesars spent to develop these dubious assets. The High Roller “observation wheel” was a particular dog, having been built in an awkward location from which there was precious little to see except the backside of the former Imperial Palace and its curious, swastika-like configuration.
Continue reading Caesars takes a bath; MGM weak