Caesars Entertainment announces sale in Baluma stake
 
Caesars Entertainment announces sale in Baluma stake
19 MAY 2017 8:48 AM

Caesars Entertainment Corporation and Caesars Entertainment Operating Company announced today that Enjoy S.A. will have 100% ownership in Punta Del Este Conorad in Uraguay, via Baluma Holdings S.A. selling 55% of share in Punta Del Este Conrad.


LAS VEGAS, May 18, 2017--Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment" or the "Company") and Caesars Entertainment Operating Company, Inc. ("CEOC") today announced that Baluma Holdings S.A., a non-debtor foreign subsidiary of CEOC ("Baluma Holdings") has sold Baluma Holdings' 55% share in Punta del Este Conrad in Uruguay to Enjoy S.A., giving Enjoy S.A. 100% ownership in the Punta del Este Conrad.

Baluma Holdings received net proceeds from the transaction of approximately $180 million after distributions to certain minority investors. Baluma Holdings received a $14.7 million deposit in February and the balance of the proceeds on May 16.

The Punta del Este property generated $21 million in EBITDA in 2016. The property's results have been excluded from Caesars Entertainment's financial statements since the deconsolidation of CEOC in January 2015.

Under the terms of Enjoy S.A.'s 2013 acquisition of a 45% stake in Conrad Punta del Este, Enjoy S.A. had the right to acquire the remaining shares in the property between years three and five of the relationship.  This sale is the result of Enjoy S.A. exercising that right.

The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editor-in-Chief Stephanie Ricca at sricca@hotelnewsnow.com.

No Comments

Comments that include blatant advertisements or links to products or company websites will be removed to avoid instances of spam. Also, comments that include profanity, lewdness, personal attacks, solicitations or advertising, or other similarly inappropriate or offensive comments or material will be removed from the site. You are fully responsible for the content you post. The opinions expressed in comments do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies. Please report any violations to our editorial staff.