Caesars Entertainment has announced the sale of its LINQ Promenade to a joint venture between TPG Real Estate and Acadia Realty Trust’s Investment Management Platform for $275 million. According to Tom Reeg, CEO of Caesars Entertainment, Inc., this sale is an advantageous move that will help accelerate their debt reduction goals.
The LINQ Promenade is a popular shopping, dining, and entertainment destination situated in the heart of the Las Vegas Strip. It boasts over 35 restaurants and retail stores including well-known names like Brooklyn Bowl, Gordon Ramsay Fish and Chips, IN-N-Out Burger, Razer,and Yard House.
Among its many attractions are The High Roller – North America’s tallest observation wheel – as well as Fly LINQ Zipline which offers visitors a unique way to experience the strip. Originally opened in 2013 by Caesars Entertainment,the LINQ Promenade underwent extensive renovations costing $223 million just one year later. Additionally,it features a casino spanning over 33,o890 square feet along with2 ,250 rooms for guests’ convenience.
In summary,Caesars has successfully sold off their non-core asset,theLINQP romenadetoa joint venturefor$275million.Thismoveisexpectedtohelpthemachieve theirdebtreductiongoalsandwillbenefitboththebuyersandthecompanyinthe long run.TheLINQP romenadewillcontinuebeingapopulardestinationontheLasVegasStripwithitsvarietyofrestaurants,st ores,andattractionsincludingTheHighRollerandothers.
