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The Newsroom - 2004 |
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Caesars Entertainment announces deal to sell Tahoe casino
November 20, 2004 - Caesars Entertainment continued to
eliminate pieces of its empire in preparation for its
announced sale to Harrah's, disclosing late Friday the company
had agreed to sell its Caesars Tahoe hotel-casino to
Kentucky-based Columbia Sussex Corp. for approximately $45
million.
Since the announcement July 14 of the $9.4 billion megamerger
agreement, both companies have been divesting themselves of
some of the combined 56 casinos they manage throughout the
United States.
Previously, the companies announced that Colony Capital had
agreed to purchase four properties: Harrah's East Chicago,
Harrah's Tunica (Miss.), Atlantic City Hilton and Bally's
Tunica (Miss.) for $1.2 billion. In October, Caesars agreed to
sell Bally's Casino New Orleans to Columbia Sussex for $24
million.
"This is obviously part of the paring down being done by both
companies," Applied Analysis spokesman Brian Gordon said.
"They are reducing their overall size in an effort to bring
down the net acquisition cost. A repositioning of the assets
should bode well for Harrah's in the long run."
Caesars spokesman Robert Stewart said the pending sale was
part of the company's "strategic assessment of our assets." He
wouldn't comment on the possible sale of other Caesars
properties.
Gaming analysts have publicly speculated the company was
seeking to sell the Flamingo Laughlin and the Reno Hilton.
The transaction is expected to close by the end of the second
quarter of 2005 and is subject to customary regulatory
approvals and closing conditions outlined in the purchase
agreement.
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