US casino operator Caesars Entertainment has agreed to sell a golf course in Macau to Pearl Dynasty Investment Ltd for US$438 million (about RM1.31 billion), effectively giving up on its wait for casino operating rights in the Chinese gaming enclave.
The Las Vegas-based company said yesterday it plans to use proceeds to fund other capital expenditures or repurchase debt obligations, according to a filing to the US Securities and Exchange Commission. It did not comment further.
This followed a move by Caesars in April to spin off assets, with buyout firms Apollo Global Management LLC and TPG Capital LP investing US$250 million each in a new business free from the shackles of the company's debt, potentially raising up to US$1.2 billion for Caesars.
The company was taken private by a consortium led by the two private equity firms in 2008 for US$30.7 billion and went public last year. It is struggling to cope with debt topping US$20 billion, according to its interim results announced on July 30.
Caesars does not own a licence to operate casinos in Macau.
The company had bought the land near the territory's Cotai strip for US$578 million in 2007 with the intention of developing a hotel-casino complex, but the Macau government has not increased the six casino operating licences issued since 2001. - Reuters, August 10, 2013.
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