Caesars Entertainment to Exit South African Market
Caesars is selling its assets in South Africa, a share in the Emerald Resort & Casino. What does this mean for the industry and for you? Let’s find out.
Peermont is buying Emerald Resort & Casino
Emerald Resort & Casino is a complex located in Vanderbijlpark, south to Johannesburg. It’s a complex that includes bungalow-style hotels, a waterpark, and a huge casino floor. The property is valued at $70 million, and Caesars owns 70% of it.
It’s probably not the top priority for the company as it owns some Las Vegas strip hotels. Now, Caesars has made a deal with a local operator, Peermont. The giant is selling the property $10 million short of its value. Since the total value of the resort is $70, Caesars’ share is worth $49. Caesars is selling its share for $39 million.
The deal is already signed, but there are some things to get sorted out. Once the technical part of the deal is solved, Peermont is going to take the reigns. Until that, Caesars is still operating the business.
But why are they selling it?
Caesars’ money moves
Selling Emerald Resort & Casino is not the only thing Caesars does money-wise. In fact, it wasn’t even a core asset for the company. The giant is also dropping a deal on a very prospective Greece casino.
What’s more important, Caesars is selling hotels on the Las Vegas Strip. If there’s a place in the world where you want to own a casino, it’s the Strip. Caesars owns a brand-named Caesars Palace in the gambling city. It became an icon along with many other establishments that occupy the Strip.
Its history is traced back to 1966. Since the establishment, it changed owners a couple of times and ended up in the hands of Caesars Entertainment. The company was named after the casino, not the other way around. Now, it can be sold.
Why? The company’s CEO Tony Rodio says it’s to pursue other strategic markets.
During the selling phase, Caesars acquired a hot piece of gambling retail property in Indiana. The state allows sports betting, and Rodio announced they’re adding this feature to the casino. Is this what the company is focusing on?
Some of the US states have legalized sports betting, and it’s becoming a huge market. A market that surely needs millions of dollars in investment.
But there’s another version.
Carl Icahn
You may not know this man, but corporate America sure does. Icahn was caught many times on insider trading. Recently, he sold all his shares of a company that suffered from a new US tariff. The man was close to Trump’s advisor, so he surely could know what was coming. And that’s at 83 years of age.
He was also one of the first corporate raiders. Now he owns 10% of Caesars Entertainment and urges the company to sell itself. From what you can see, his policy is acting out just great. The company’s stocks are falling.
Is there any risk for South Africa?
None at all. If there’s any risk, it’s for Caesars Entertainment and those shareholders that are not Carl Icahn.
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