Caesars seeks around $1bn for Flamingo

Caesars Amusement is seeking a consumer for its Flamingo on line casino in Las Vegas at a price tag of a lot more than $1bn, in accordance to area sources.

Some prospective potential buyers have apprently previously passed on the assets. The casino has been offered to personal equity firms and other operators, some of whom have been reluctant to acquire an older home that wants a great deal of servicing.

A further situation is that the Flamingo would probably get rid of a large amount of company when separated from the Caesars customer loyalty programme.

Caesars has claimed it would like to market a single of its casinos on the Las Vegas Strip as component of an exertion to cut down financial debt. The firm begun the sale method before this year and expects to total it by mid-summer season, CEO Tom Reeg mentioned on a conference get in touch with with buyers. Caesars experienced $13.5bn in internet debt at the conclude of the initially quarter.

“When you get a lot of legal professionals included, the perform extends to what ever the highest allowable deadline is,” Reeg stated. “So if we finish one working day in advance of that 6 months, I’d be extremely delighted.”

The Flamingo Las Vegas discounts provide every thing from freshly-renovated rooms, traditional amusement and a lush, tropical pool to a prime heart-Strip site.

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