The Harrah's casino operator agreed to sell its Macau property to Chinese real estate developer Pearl Dynasty Investment for $438 million after failing to get a gambling license in the Chinese region.
The transaction, revealed in a Friday, Aug. 9 regulatory filing, comes as the Las Vegas casino operator struggles under the weight of $23.7 billion in debt in a deeply competitive U.S. casino industry.
Caesars paid $578 million for the golf course property in 2007, with plans to eventually develop it into a hotel and casino resort. However, Caesars abandoned those plans after the Chinese government made it clear that it would not be issuing new gambling licenses anytime soon."There's two things that there's a lack of in Macau; land and gaming licenses," said one industry watcher. "
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV