Caesars completes sale of Macau golf course property


Caesars Entertainment Corp. has completed the sale of its Macau golf course property to an Asian development company for a total sales price of $438 million.

In a filing with the Securities and Exchange Commission, the company said the sale to Peal Dynasty Investments Ltd. included $65.7 million in deposits. The company’s net proceeds from the sale was approximately $420 million after commissions and closing costs.

Caesars announced the sale in August.

Caesars acquired the 175-acre golf course on Macau’s Cotai Strip region in 2007 for $578 million. The company, which doesn’t have a Macau gaming license, hoped to convert the land into a gaming and resort complex. However, the Macau government never added additional gaming concessions to the market.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.

 

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