Caesars Entertainment announces sale of its interest in Emerald ResortChristian Fernsby ▼ |
Acquisition Caesars owns 70% of this property while the remaining 30% is owned by local
Caesars Entertainment Corporation announced that it has agreed to sell its South African property Emerald Resort and Casino to Peermont Hotels, Casinos and Resorts, a Johannesburg based hospitality and entertainment company for total proceeds of $49.0 million, which implies a 7.9x multiple on 2018 EBITDA of $6.2mm.
Total cash proceeds to Caesars for its 70% ownership and other adjustments total $39 million. ■
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