Caesars said to seek buyer for Flamingo casino in Vegas for more than $1B
May 04, 2022 10:26 PM ETCaesars Entertainment, Inc. (CZR)By: Joshua Fineman, SA News Editor3 Comments
- Caesars (NASDAQ:CZR) is said to be shopping the Flamingo casino in Las Vegas for more than $1 billion.
- The casino has been offered to private equity firms and other operators, though some have already passed on making bids due to the property's age, according to a Bloomberg report.
- Caesars (CZR) CEO Tom Reeg explained on the company's 1Q result conference call on Tuesday that the company started the process of selling a Las Vegas strip asset early this year and expects the process to be completed by the middle of the summer.
- Caesar's shares fell 1.9% in regular trading despite the hotel and casino operator posting a 1Q beat on the bottom line and only a narrow miss on top-line estimates.
- Also see from last month, Caesars Entertainment is seen turning focus on Strip casino sale.
- Caesars originally excited investors in February after it hinted that a Strip asset sale could be close.