{"id":267980,"date":"2023-04-07T04:00:49","date_gmt":"2023-04-07T09:00:49","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=267980"},"modified":"2023-04-07T15:10:01","modified_gmt":"2023-04-07T20:10:01","slug":"las-vegas-strip-asset-sale-coming-this-year-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/","title":{"rendered":"Strip Venue Likely to Hit Market this Year, Says Analyst – But Not Caesars"},"content":{"rendered":"

A Las Vegas Strip casino resort is likely to hit the auction block this year, and it won\u2019t be one of the venues currently operated by Caesars Entertainment (NASDAQ: CZR).<\/p>\n

\"Caesars\"
Caesars Palace Las Vegas. The operator isn’t likely to buy or sell a Las Vegas property this year. (Image: YouTube)<\/figcaption><\/figure>\n

Nor will the Horseshoe operator look to add its already robust Strip portfolio. That\u2019s the take of Deutsche Bank analyst Carlo Santarelli, who recently met with Caesars management. In a note to clients following those meetings, the analyst hinted that an unidentified Strip property will be available to bidders in the coming months.<\/p>\n

\n

The fact that such a transaction won\u2019t involve Caesars isn\u2019t surprising. On the company\u2019s fourth-quarter earnings conference call in February, executives overtly said<\/a> the sale of one of its Las Vegas properties this year is unlikely.<\/p>\n<\/div>\n

Likewise, Caesars already operates nine integrated resorts on the Strip and is aiming to at least mirror 2022\u2019s $1.2 billion in reduced debt<\/a>, meaning it\u2019s an unlikely suitor for any Las Vegas property.<\/p>\n

Bellagio Possibly Candidate for Sale<\/h2>\n

To be clear, Santarelli didn\u2019t list which Strip venues could come to market later this year, and what follows is speculative. But the property assets of Bellagio<\/a>, operated by MGM Resorts International (NYSE: MGM), could be put up for sale.<\/p>\n

\n

Here\u2019s why that\u2019s a possibility. Last December, Blackstone Real Estate Income Trust (BREIT), which owns Bellagio\u2019s real estate, was hit with a slew of redemption requests from investors, prompting it to sell some assets to raise capital. Those transactions include the sale of 49.9% stakes<\/a> in Mandalay Bay and MGM Grand to VICI Properties (NYSE: VICI) for $4.27 billion.<\/p>\n<\/div>\n

Since last November, BREIT has paid out $5 billion in redemptions; last month, it limited such requests. In March, the $70 billion real estate income trust received redemption requests totaling $4.5 billion, but it fulfilled just $666 million of that amount, or 15%, according to Reuters<\/em>.<\/p>\n

BREIT isn’t an open-end mutual fund. Parent Blackstone (NYSE: BX) hasn’t commented on future BREIT asset sales nor mentioned that Bellagio could be on the block if it pursues property divestments.<\/p>\n

Other Potential Candidates for Strip Sales<\/h2>\n

In the report, Santarelli implied the Strip venue likely to hit the market is already operational, meaning Dream Las Vegas and the 6.2 acres of land<\/a> at Las Vegas Boulevard and Harmon Avenue owned by Tilman Fertitta are unlikely to hit the market.<\/p>\n

Other possibilities include MGM selling the operating rights to Excalibur and Luxor, which has been the subject of rumors regarding its fate. The gaming company hasn’t said it\u2019s looking to trim its Las Vegas portfolio.<\/strong><\/p>\n

Another possibility is that the owner of a Las Vegas Strip casino hotel engages in a sale-leaseback transaction whereby it sells its property to raise cash while maintaining operational control of the venue. With all of MGM\u2019s venues already leased and Caesars unlikely to divest a Sin City venue, the number of Strip properties making for viable sale-leaseback isn\u2019t as large as it was several years ago.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Las Vegas Strip casino resort is likely to hit the auction block this year, and it won\u2019t be one of the venues currently operated by Caesars Entertainment (NASDAQ: CZR). Nor will the Horseshoe operator look to add its already robust Strip portfolio. That\u2019s the take of Deutsche Bank analyst Carlo Santarelli, who recently met […]<\/p>\n","protected":false},"author":46,"featured_media":255103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,81886,32093,1],"tags":[81903,23,81966,81967],"acf":[],"yoast_head":"\nLas Vegas Strip Asset Sale Coming This Year, Says Analyst<\/title>\n<meta name=\"description\" content=\"A Las Vegas casino asset sale is coming this year, says Deutsche Bank analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Strip Asset Sale Coming This Year, Says Analyst\" \/>\n<meta property=\"og:description\" content=\"A Las Vegas casino asset sale is coming this year, says Deutsche Bank analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-07T09:00:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-07T20:10:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/\",\"name\":\"Las Vegas Strip Asset Sale Coming This Year, Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP-1.jpg\",\"datePublished\":\"2023-04-07T09:00:49+00:00\",\"dateModified\":\"2023-04-07T20:10:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"A Las Vegas casino asset sale is coming this year, says Deutsche Bank analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-asset-sale-coming-this-year-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP-1.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Caesars Palace Las Vegas. 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