Caesars speeds up debt reduction with LINQ Promenade Sale

Caesars Entertainment, a leading casino and entertainment company with a strong presence in the United States, announced that it has entered into a definitive agreement to sell one of its Las Vegas properties.

Details of the sale emerged on Tuesday when the company confirmed its intent to sell The LINQ Promenade, its retail, dining and entertainment destination in the heart of the Las Vegas Strip. Caesars has entered into an agreement to sell the strategic assets to a joint venture between the Investment Management Platform of Acadia Realty Trust and TPG Real Estate.

The newly announced acquisition is valued at $275 million. It is important to note that completion of the acquisition is subject to applicable regulatory approvals and closing conditions. Caesars said it expects the strategic sale to close in the fourth quarter of this year.

The company confirmed that it was represented in the transaction by Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck, LLP. On the other hand, Acadia Realty Trust’s real estate and investment management platform TPG retained the services of Kirkland & Ellis LLP as an advisor on this particular transaction.