Caesars Entertainment, a Las Vegas-based casino operator, gave up on its wait to be issued an operating license from the Macau government. The company decided to sell a golf course it owns there for USD 438 million to Pearl Dynasty Investment. In a US Securities and Exchange Commission filing, the Caesars revealed that the proceeds will be used to repurchase debt or spend for capital expenditures.
It can be recalled that in April, Caesars also spun off its assets. Apollo Global Management and TPG Capital, private equity firms, both invested USD 250 million each from the firm they acquired from the Caesars. The deal was said to have raised USD 1.2 billion for the Casino operator.
The golf course, located on land near the Cotai strip, was bought by Caesars in 2007 for USD 578 million. The original plan was to develop it into a hotel-casino complex. Since 2001, however, the Macau government had not issued any new operating licenses to its present six.
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