Casino giant Caesars Entertainment announced plans to sell Linq Promenade, the mall between Linq casino (technically, “Linq Hotel + Experience,” we are not making this up) and Flamingo. The former stinky alley is being sold for $275 million.
The Linq Promenade is being sold to TPG Real Estate and the Investment Management Platform of Acadia Realty Trust, which just screams fun and excitement, if you ask us.
The sale follows a recent trend of Caesars selling off “non-core” assets to help pay down its debt. How does the sale affect you? It doesn’t, at all, but it’s a slow news day, so here we are.
No additional details were provided about the sale, but here’s the fancy, lawyer-drafted statement attributed to one of our favorite casino CEOs, Tom Reeg: “The sale of the Linq Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. 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.”
Like we said, cashy-cashy to help deal with the company’s imposing $12.7 billion in debt.
This asset dump is similar to when Caesars Entertainment sold the WSOP brand recently. In that sale, Caesars got $250 million up front, along with a promissory note for another $250 million due in five years.
The whole idea is to sell assets that aren’t doing all that much for the company to pay down the debt and invest in making our personal experience at Caesars Palace more enjoyable. We probably made up that last part, but that’s what’s happening.
Caesars Palace just unveiled a renovated high limit slot area, for starters.
Done. Revamped high limit slot room is adorable, echoing the design of the dome above the main casino. Huge new high limit slots and tables areas will be live in the next few weeks. @CaesarsPalace https://t.co/aGCw54D3N4 pic.twitter.com/DBWJiCiX1O
— Vital Vegas (@VitalVegas) October 26, 2024
That “baby dome” high limit room is just the beginning, as construction is nearing completion of another high limit table games area and high limit slot salon. All this in addition to the existing high limit table games room, Palace Court.
Plus, there’s the new Caspian’s Lounge (formerly Cleopatra’s Lounge) and several new offerings in the food hall and gawd knows what else.
Progress report: One of several venues set to debut soon at Caesars Palace, Caspian’s Lounge (from Clique Hospitality), formerly Cleopatra’s Barge. It won’t be a showroom, but may have live entertainment. Archive: https://t.co/AZwXKEdV7b pic.twitter.com/oEbNyNaUZJ
— Vital Vegas (@VitalVegas) October 27, 2024
Anyway, Linq Promenade. It’s always been OK. It’s a mall, full of forgettable shops and restaurants. The most memorable thing about Linq Promenade was when we broke the story In-In-Out would open there (a year before it was announced).
Caesars says the High Roller observation wheel won’t be affected by the sale, but the fate of the Fly Linq Zipline isn’t clear.
It’s just the boring parts of Linq Promenade. Looking at you, Hat Loft and Socks & Bottoms.
We worked at Caesars Entertainment when the concept for the space between the original O’Shea’s and Flamingo was conceived and constructed. Construction of the mall started in Nov. 2011 and the first phase opened in Dec. 2013. The High Roller Ferris wheel opened March 31, 2014.
Here’s a construction photo we took in 2013.
Here are some fun Linq Promenade facts: “The Linq Promenade spans more than 300,000 square feet and features more than 35 unique retail, dining, experiences, nightlife and entertainment venues (70 percent restaurants and bars, 30 percent retail and entertainment). The Linq Promenade measures 1,340 square feet (one quarter of a mile) from the Las Vegas Boulevard steps to underneath the High Roller.”
Caesars Entertainment estimates 20 million people pass by the Linq Promenade every year. Yes, it’s a made-up number, but it does have a solid location and was formerly an alley, so it’s all gravy.
There’s been a lot of churn in tenants since Linq Promenade opened.
One of our fondest memories of the Linq Promenade was that time in 2013 we escorted a group of Miss USA pageant contestants to sign a construction wall at the then-under-construction Starbucks. Those signatures are still there, hidden behind the wall at the Starbucks at Linq Promenade.
Anyway, not everything is about us, probably.
The sale of Linq Promenade is no loss for Caesars Entertainment and interest payments on debt are a pain in the ass.
The former leadership of Caesars Entertainment didn’t get everything right, but turning an alleyway into a shopping mall with an attraction at the back turns out to have been a pretty good idea (despite the fact the High Roller has never really met ridership expectations).
The current leadership is making big moves to shed assets that aren’t casino-hotel-related and adding to the bottom line.
The sale should be complete by the end of 2024, subject to blah-blah approvals blah-blah and other blah-blah.
