Caesars Entertainment plans to sell one its properties on the Las Vegas Strip next year.
Tom Reeg, the company’s CEO, made the statement on a conference call centered around the second quarter’s earnings, according to a Las Vegas NBC affiliate.
“We still expect to sell a Vegas Strip asset, a single asset, and I would expect that sale to take place in 2022,” said Reeg.
In June 2019, Caesars merged with Eldorado Resorts in a $17.3 billion deal that helped Caesars get out of bankruptcy troubles. The new company kept the Caesars name, but with such a massive portfolio of casinos nationwide, the newly created empire needed to sell several properties to alleviate any monopoly concerns with regulators.
In the lead up to the merger, Eldorado sold three casinos in West Virginia and Missouri, as well as another in Louisiana. Caesars sold a property in Reno, dumped another in Atlantic City, as well as three in Indiana.
There were rumors afloat that a sale of a Las Vegas Strip property was necessary to keep regulators happy, but it never came. In July 2019, when the Las Vegas Review-Journal reported that a sale was likely, it was thought that Tilman Fertitta or Phil Ruffin were the expected buyers. Ruffin already owns two Strip casinos in Circus Circus and Treasure Island, while Fertitta is the owner of Golden Nugget Casinos.
Caesars currently owns Harrah’s Las Vegas, Bally’s, Paris, Flamingo, The Cromwell, Caesars Palace, Planet Hollywood and the LINQ.
It seems unlikely it would part ways with its flagship casino or the LINQ, given the upgrades that went into it, the new Caesars Forum convention center located behind it and the ESPN studio built above it. Bally’s also has a convention center attached, but every other casino could easily be up for grabs.
Last year, the company decided to shutdown midweek operations at Planet Hollywood and recently closed its poker room, which could make it prime to be disposed of.