International edition
September 21, 2019

To Peermont Hotels, Casinos and Resorts, receiving total cash proceeds of USD 39 M

Caesars sells its 70% ownership in Emerald Resort & Casino

Caesars sells its 70% ownership in Emerald Resort & Casino
Caesars owns 70% of this property, while the remaining 30% is owned by local minority partners.
South Africa | 05/16/2019

The company argues the South African property receives limited benefit from the Caesars' Rewards network effect given its remoteness to other properties. Caesars will continue to operate the resort until the transaction closes, which is expected to happen in the third quarter of 2019.

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aesars Entertainment Corporation yesterday announced that it has agreed to sell its South African property Emerald Resort & Casino to Peermont Hotels, Casinos and Resorts, a Johannesburg based hospitality and entertainment company for total proceeds of USD 49 million. Caesars owns 70% of this property while the remaining 30% is owned by local minority partners. Total cash proceeds to Caesars for its 70% ownership and other adjustments total USD 39 million.

"While Emerald Resort & Casino is a unique property, it receives limited benefit from the Caesars' Rewards network effect given its remoteness to other properties in our network," said Tony Rodio, CEO of Caesars Entertainment. "We're pleased to monetize this non-core asset in our portfolio, which will enable Caesars to sharpen its focus on other strategic markets."

Caesars Entertainment will continue to operate the property until the transaction closes, which is expected to be in the third quarter of 2019, subject to regulatory approvals and other customary closing conditions.

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