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.
