Caesars Sells Four Hotels to Its Spinoff
Caesars Entertainment has sold four more hotels to Caesars Growth Partners, a company that was spun off last year and now owns Caesars Interactive Entertainment, the Planet Hollywood Resort in Las Vegas and a significant interest in the Horseshoe Baltimore. The $2.2 billion sale includes Bally's Las Vegas, The Cromwell (the soon-to-open Strip property at the former site of Bill's Gamblin' Hall and Saloon) and The Quad Resort & Casino in Las Vegas, as well as Harrah's New Orleans. The sale is expected to close in the second quarter; Caesars Entertainment will continue to manage the properties. According to Caesars, the sale will facilitate additional investment in the properties, including a $223 million renovation of The Quad. The deal will improve financial stability as well as operational efficiency, according to Gary Loveman, chairman and CEO of Caesars Entertainment.