Company Sells Interest in South African Casino
28 Dec 2004
Las Vegas Sun
Las Vegas Sun
Caesars Entertainment Inc., the world's largest casino company, has agreed to sell its 25 percent of a South African casino to Peermont Global Ltd. for $145 million.
South Africa-based Peermont will buy the stake in Caesars Gauteng with partner Marang Gaming Investments, Caesars said in a statement.
Peermont will also acquire Caesars' 50 percent interest in the company that manages the 276-room resort located near Johannesburg.
The sale should close in the second quarter of 2005, resulting in a gain of about $90 million before taxes, Caesars said.
The resort will be rebranded after the transaction is completed.
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