Caesars to Sell a Casino on Las Vegas Strip
February 23, 2022
We’ve reported on the big changes coming to the Las Vegas Strip over the past few weeks, and now you can add another name to that list of casinos. We just don’t know what that will be yet.
The Chief Executive Officer of Caesars Entertainment, Tom Reeg, recently confirmed that the company is looking to move one of their casinos on Las Vegas Boulevard, but he did not reveal which property that would be.
During the company’s Earnings Call last week, Reeg stated Caesars expects to sell a Las Vegas Strip casino, and that they had launched that process earlier this year. He added that the next time the company speaks about the sale, it will most likely be to announce that it has happened.
It seems that Caesars is looking to move a property to that the company can invest more into digital assets. They expect those assets to generate ‘significant returns’. The company expects to accomplish this and “keep the momentum” they have generated moving forward in 2022.
Caesars may keep its marketing budget restricted to the new markets it enters as more states regulate sports betting. Reeg also shared that in those states reporting sports betting handles, they captured over 20% market share. The company also completed our acquisition of William Hill last year.
Caesars Entertainment is an American hotel and casino company based in Reno, Nevada. They operate over 50 properties. Eldorado Resorts acquired Caesars and changed its own name to Caesars Entertainment in July of 2020.
