Caesars to sell strip property in 2022 after reporting record third quarter

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FILE – In this Jan. 12, 2015, file photo, a man takes pictures of Caesars Palace hotel and casino in Las Vegas. A $17.3 billion buyout creating the world’s biggest casino company has final regulatory approval. The New Jersey state Casino Control Commission voted Friday, July 17, 2020 to let Nevada-based Eldorado Resorts acquire Caesars Entertainment Corp. (AP Photo/John Locher, File)

LAS VEGAS (KLAS) — In a third quarter earning’s call, Caesars Entertainment Chief Executive Officer Tom Reeg said the company plans to begin the process of selling one property along the Las Vegas Strip in early 2022.

Reeg did not elaborate on which property might be sold, but did say the company does not “expect to sell a second property” and that he thinks it will limited to one property.

Another item brought up on the call was the ongoing shortage of guest room attendants across the company. He said all properties are having trouble hiring enough employees for these positions and in Las Vegas it has led to mid-week caps on occupancy. Reeg said he hopes the caps will be lifted once the pandemic restrictions ease.

  • Net revenues of $2.7 billion versus $1.4 billion for the comparable prior-year period.
  • Net loss of $233 million compared to a net loss of $926 million for the comparable prior-year period.

President and COO of Caesars Entertainment Anthony Carano added that demand for the company’s new convention space in Las Vegas, Caesars Forum, has more than 170 events booked and out of that 76% is new business for the company.

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