Caesars Entertainment reported Thursday it has closed on the sale of the LINQ Promenade retail corridor on the Strip in Las Vegas for $275 million. The sale is to a joint venture formed between TPG Real Estate and the Investment Management Platform of Acadia Realty Trust.
Caesars, which announced the sale of the popular destination just prior to its third quarter earnings call in late October, said it made a $275 million voluntary prepayment of its Term Loan B due in 2030 with proceeds from the transaction.
“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.
Latham & Watkins and Brownstein Hyatt Farber and Schreck represented Caesars, while Kirkland & Ellis provided transaction counsel to TPG and Acadia.
