Crowds walk along the Linq Promenade, with the High Roller in the background. Photo Credit: Michael J. Shapiro
Caesars Entertainment has struck a deal to sell the Linq Promenade, a popular outdoor retail, restaurant and entertainment area on the Las Vegas Strip, adjacent to the Caesars-owned Linq, Harrah's and Flamingo hotel-casinos. The property is being purchased for $275 million by a joint venture between TPG Real Estate and an investment subsidiary of Acadia Realty Trust, subject to customary approvals and closing conditions. Caesars expects the deal to be finalized during the fourth quarter of this year.
The now-iconic High Roller observation wheel isn't part of the sale, nor is the Fly Linq zipline experience. Use of the restaurant and entertainment venues in the Promenade for offsites by groups holding meetings at Caesars properties will not change, according to a Caesars spokesperson, who said things will be "business as usual" for meeting planners.
"The sale of the Linq Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals," said Caesars CEO Tom Reeg in a statement. "I want to thank all the team members and the tenants of the Linq Promenade for their partnership over the last 10 years and wish them continued success," he added.
The deal is part of the company's larger strategy around debt reduction. The announcement was accompanied by news of another non-core asset sale, that of the World Series of Poker brand, which Caesars sold to NSUS Group for $500 million. That intellectual-property transaction, which closed this week, affords Caesars the right to continue hosting the flagship tournament at its Las Vegas casinos for the next 20 years. The company will have preferential rights to host the tournament following that period.