Caesars Entertainment Inc. is seeking a buyer for its Flamingo casino in Las Vegas at a price of more than $1 billion, according to people with knowledge of the matter.
Caesars has said it wants to sell one of its casinos on the Las Vegas Strip as part of an effort to reduce debt. The company started the sale process earlier this year and expects to complete it by mid-summer, Chief Executive Officer Tom Reeg said on a conference call with investors Tuesday. Caesars had $13.5 billion in net debt at the end of the first quarter.
The 3,450-room Flamingo is one of the Strip’s oldest properties. It originally opened in 1946 at cost of $6 million under the direction of gangster Bugsy Siegel.
Read more: BNN Bloomberg
