On the same day Caesars announced that the WSOP sale to GGPoker has been finalized, they've announced that another piece of their empire has been sold off.

The LINQ Promenade, an open-air mall type venue featuring shops, activities, and restaurants, has been agreed to be sold for $275 million.

The press release is as follows:

LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)--Oct. 29, 2024--

Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today announced an agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate (“TPG”) and the Investment Management Platform of Acadia Realty Trust (“Acadia”) for $275 million. This sale is subject to customary approvals and other closing conditions and is expected to close during the fourth quarter 2024.

“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” said Tom Reeg, CEO of Caesars Entertainment, Inc.

Here's a good article from Las Vegas Channel 8 about the sale, and other Caesars moves lately: https://www.8newsnow.com/news/local-...-million-deal/

TPG Real Estate is a subsidiary of TPG. Another subsidiary, TPG Capital, was recently an owner of Caesars Entertainment, originally known as Harrah's Entertainment. Along with another private equity firm, Apollo Global Management, TPG bought Caesars in 2008, but was clobbered by the financial crash later that year. The two firms were key players in the mid-2010s Caesars bankruptcy, and exited the bankruptcy still owning 16% of the company. In 2019, they sold off their remaining portion of Caesars.

The High Roller observation wheel is not part of this purchase, nor are the hotels surrounding the LINQ Promenade.


Due to the High Roller not being part of the sale, it is likely that the Diamond and Seven Stars "free 2 tickets per month" benefit will continue going forward. The LINQ Promenade itself is also not likely to significantly change after the sale is complete.

The sale could still fall through for various reasons, including regulatory approval issues. However, I am guessing it will be completed at some point in 2025.