Caesars Entertainment Selling Macau Property for $448 Million
Caesars Entertainment is moving out of Macau, according to its Q2 earnings SEC filing submitted Friday.
Although the sale is news, Caesars has been eyeing an exit since Q2 2012, when the company recorded a $101 million impairment charge in preparation of pre-emptively ending presence in Macau. In Q1 2013, the company knocked another $21 million off its book value, before announcing this week that Pearl Dynasty Investments Limited has agreed to buy Caesars' Macau land concession for $438 million.
According to the filing, Pearl Dynasty must pay up within 90 days to avoid late fees. For its own part, Caesar Entertainment expects to use the net proceeds (around $420 million) to fund capital expenditures or pay off debt.
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