Reno-based Caesars said it used the proceeds from the sale to pay down debt.
The LINQ Promenade is officially under new management.
Caesars Entertainment on Thursday announced the closing of the $275 million sale first disclosed in October. A joint venture formed between TPG Real Estate and an investment management platform of Acadia Realty Trust now own the popular dining, retail and amusement destination on the Las Vegas Strip.
Reno-based Caesars said it used the proceeds from the sale of the LINQ Promenade to pay down debt.
Following the fall announcement, Tom Reeg, chief executive officer of Caesars, said the impending sale “represents an accretive, non-core asset sale that will accelerate our debt reduction goals.”
Prior to the sale of the LINQ Promenade and the World Series of Poker branding rights — which the company sold for $500 million — Caesars was responsible for nearly $12.7 billion in outstanding debt.
The company formally known as Eldorado Resorts acquired Caesars Entertainment for $17.3 billion in 2020. Since that time, Reeg said the newly formed gaming and hospitality corporation has eliminated nearly 25 percent of its total debt.
Caesars Entertainment operates the LINQ casino-hotel and the Flamingo casino-hotel, the two properties that abut the Promenade. The High Roller Wheel, another Caesars-operated venture located at the back of the LINQ Promenade, was not part of the sale.
In addition to the LINQ and Flamingo, Caesars Entertainment also operates the following Las Vegas casino hotels: Caesars Palace, Harrah’s, Horseshoe, Paris, Planet Hollywood and Cromwell.
David Danzis can be contacted at [email protected] or (702) 383-0378. Follow AC2Vegas_Danzis on X.
