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. "
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