Caesars Entertainment announced the closing of the previously announced sale of the LINQ Promenade to a joint venture formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. Concurrent with the closing of the transaction, Caesars made a $275 million voluntary prepayment of the Term Loan B due 2030 with the proceeds from the transaction.

Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.

Caesars Entertainment has announced that it has entered into an agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. The sale is subject to customary approvals and other closing conditions and is expected to close during the fourth quarter 2024.

“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” said Tom Reeg, CEO of Caesars Entertainment.

Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck, LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.

Caesars Entertainment celebrated the completion of its $435 million transformation of Harrah’s to Caesars New Orleans on Tuesday, Oct. 22. The raucous event began outside of the casino on Canal St. with a ceremony led by Caesars Entertainment CEO Tom Reeg, Caesars Entertainment President & COO Anthony Carano and Caesars New Orleans General Manager, Samir Mowad, where they, alongside Caesar, joined an iconic New Orleans second-line band in a procession into the casino. Caesars New Orleans Team Members and Mayor Latoya Cantrell joined the celebration to commemorate the historic occasion.

“We’re incredibly proud to officially introduce Caesars to New Orleans. From local favorite Emeril Lagasse to our long-time partner, Chef Nobu, to the beautiful state-of-the-art Caesars Sportsbook, all-new rooms and gaming floor, and of course, our gorgeous new center bar, Octavia, Caesars New Orleans offers something for everyone. It’s a world-class resort in the heart of the Big Easy and we can’t wait for our guests to experience it,” said Anthony Carano, President & COO of Caesars Entertainment.

The ceremony kicked off with an iconic Mardi Gras float featuring Caesar and his court and a firework show to officially welcome Caesars to New Orleans. Following the ceremony, the second-line band led revelers into the resort’s elegant center bar, Octavia, where partygoers enjoyed a “Taste of Caesars New Orleans” featuring bites from all six restaurants at the property. Elemental entertainers performed throughout the room, including the Saints Cheer Krewe, Mardi Gras Indians, Zulu Tramps and showgirls, treating guests to an authentic Big Easy experience.

“This year marks 25 years since we opened in New Orleans and the completion of this project is the perfect way to usher in a new era with Caesars. Synonymous with the Caesars name, our new resort is pure elegance and we’re excited to introduce a luxury brand like this to New Orleans. We are extremely grateful for the support of the community, our Team Members and our guests as we come to the finish line of this tremendous transformation,” said Samir Mowad, SVP and GM of Caesars New Orleans.

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As the area’s only land-based casino, Caesars New Orleans offers guests the full Caesars experience. Now boasting nearly 800 hotel rooms between its two hotel towers – the new Caesars Tower and the original hotel tower on Poydras Street – guests can stay and play in luxury. The destination provides an extensive gaming experience with more than 150,000 square feet of upgraded gaming and dining space featuring more than 1300 slot machines, 120 table games, a 20-table World Series of Poker Room, three outdoor gaming courtyards and a 5700-square-foot state-of-the-art Caesars Sportsbook. Additionally, the property offers a bevy of culinary experiences, including Louisiana’s first Nobu, Emeril’s Brasserie by local favorite Emeril Lagasse, a celebrity-driven food hall featuring options by Bobby Flay, Buddy Valastro and Nina Compton and the new luxurious center bar dubbed Octavia.