Caesars abandons hotel casino project in Macau

Macau refuses to increase number of casino operating licenses.

U.S. casino operator Caesars Entertainment has agreed to sell a golf course in Macau to Pearl Dynasty Investment, Ltd for US$438 million, effectively ending its plans to secure casino operating rights in Macau.

Caesars does not own a license to operate casinos in Macau. It had bought land near the Cotai strip for US$578 million in 2007 to develop a hotel-casino complex.

The Macau government’s refusal to increase the six existing casino operating licenses issued put paid to Caesars plans, however.

Caesars said it plans to use proceeds from the sale of the Cotai strip property to fund other capital expenditures or repurchase debt obligations.