Caesars sells 70 percent stake in South African casino CDC Gaming Reports · May 15, 2019 at 8:47 am Caesars Entertainment said Wednesday it was selling its 70 percent ownership in a South African casino for a total value of $49 million. In a statement, the company said it will continue to operate the Emerald Resort & Casino in Vanderbijlpark, which is about an hour from Johannesburg, until the transaction closes later this year. Peermont Hotels, Casinos and Resorts, a Johannesburg hospitality and entertainment company, is acquiring Caesars’ ownership. The remaining 30 percent ownership is controlled by local partners. Caesars said it will receive total cash proceeds of $39 million after adjustments. Caesars CEO Tony Rodio said the sale allows the company to focus on its strategic markets. “While Emerald Resort & Casino is a unique property, it receives limited benefit from the Caesars’ Rewards network effect given its remoteness to other properties in our network,” Rodio said. “We’re pleased to monetize this non-core asset in our portfolio. The sale is subject to regulatory approvals and other customary closing conditions.