Caesars considering sale of Vegas Planet Hollywood
Rumours are a routine occurrence in places like Las Vegas, but rumours sometimes bring truth with them as well. The most recent Vegas rumour to come out has been that Caesars Entertainment is looking into selling its famous Planet Hollywood casino which operates on the Las Vegas Strip. If this rumour is true and Caesars actually sells the casino, it could mean a massive winning lotto ticket for the operator even if the market is currently struggling due to the COVID-19 pandemic.
This time, the rumour was announced by Vital Vegas, who seems to always keep up with everything going on in Sin City, being the first to know everything. It recently said: “Rumors about a potential sale of Planet Hollywood have circulated for some time now. But a source who asked to stay anonymous says he was recently laid off and an impending sale was given as the reason.”
Caesars recently rebranded as a completely new company, combining the former Caesars with Eldorado Resorts. The new company has considered reducing its operations in Vegas after the merging of the two companies.
If the company decides to sell Planet Hollywood, some industry analysts claim that it could save Caesars about $1 billion. Before purchasing Caesars, Eldorado had discussed that some properties owned by Caesars on the Vegas Strip would be put up for sale.
If Caesars does end up putting the property on the market, it is almost certain that there will be many candidates looking to acquire it. One of these could possibly be Hard Rock International (HRI), who is certainly plowing through Vegas to come back and operate in the city again. HRI already bought the Intellectual Property Rights for Vegas from Hard Rock Las Vegas in May of 2020, and has stated several times that it is willing to start over in the city. It also lost an opportunity to venture into Greece last year.
But right before anyone can step into the situation, VICI Properties has to allow it. The real estate investment trust (REIT) has all the rights to refuse on many properties in the city due to an agreement it signed with the former Eldorado. It would have to deny its interest in the property before anyone else can even discuss buying it. The firm could also try to find ways to make the deal be more profitable to its pocket. Nevertheless, there are obviously many companies who would love to buy the property.