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Caesars Entertainment selling Macau property

Caesars Entertainment selling Macau property

CREATED Aug 9, 2013

LAS VEGAS (AP) -- Casino giant Caesars Entertainment Corp. says it is selling its property in Macau to an Asian developer.

The Las Vegas-based company reported Friday to the U.S. Securities and Exchange Commission that it agreed Tuesday to sell the golf course property for $438 million to Pearl Dynasty Investments Ltd.

Caesars says the sale is expected to close by the end of the year, and it intends to use the proceeds to pay down debt.

Caesars is the only major U.S. casino company without a casino in the Chinese gambling enclave near Hong Kong.

Corporate predecessor Harrah's Entertainment bought the 175-acre site in 2007 for $578 million, with plans to develop a hotel and casino. It never won a gambling concession from the Macau government.