Caesars selling 4 casinos for $1.8 billion in debt restructuring

Looks like Caesars is unloading four properties...

Story Here

1)Bally's
2)The Quad
3)The Cormwell
4)Harrahs New Orleans

Maybe we will get the "Barbary Coast" back


Rick

I thought they would be selling the Rio

Does this kill the Linq project?

Not sure. They are just about done building it from the last time i was there. I will let you know at the end of this month when i'm back in Vegas!

Selling it to a separate unit that Caesars controls. This is somewhat of a shell game. It will be interesting to kick back and see what happens next.

I don't think they would want to lose the World Series of Poker fixture.

this sale is Enron accounting 101. sell assets to subsidiary, claim money from sale as new income making company look like it is doing better than it is

I can not believe they would sell off their strip properties. Just doesn't make sense.

Harrahs, Caesars which ever you wish to call them has "killed" the goose that could have layed their "golden eggs".
Not entering the Macau market with Wynn and LVS has really put a damper on their growth. Trying to buy up all of the vegas strip was not the answer to offset the debt they had to take upon to do this. The best option for them in vegas would have been to successfully cater to the "whales" but they have lost that for time being to MGM, Wynn and LVS.

But hey, they do give me free rooms when ever I am in need. Being just a step above "gold pond scum" I will take that.