When it comes to rumor in everyday life, Las Vegas rightly comes as the most prominent place for this. However, some of them are having more validity than others. The latest one is surfacing in Sin City is the prospect that Caesars Entertainment is probably ready to go for ditching its Planet Hollywood casino on the Las Vegas Strip. It is right that if Caesar is making any further move for its sale, it is very likely going to create a storm of cash. A huge amount of cash for this casino operator is going to come into play, regardless of the slower market due to the COVID-19 situation.
The rumor came in the form of an announcement by Vital Vegas, which is having its bugs all around the important places in the city. It always seems to know what is happening around before anyone else knows it. It recently stated that the “Rumors about a potential sale of Planet Hollywood have circulated for some time now. But a source who asked to stay anonymous says he was recently laid off, and an impending sale was given as the reason.”
The new and well improved Caesars are born from the union of the old Caesar and Eldorado Resorts. It opted for the discussion to reduce some of its Vegas operations as two of the operators combined into forces. The selling of Planet Hollywood, according to some of the industry analyses, has the potential to save Caesars with a value of $1 billion. Also, it comes with the potential areas to fulfill the Vegas plans. Before purchasing the Caesars, Eldorado mentioned that one or two of the Strip properties, which were initially owned by the Caesars, can be put forward in the market.
In case the property becomes available in the market, there is not at all a problem to find someone who is going to grab the opportunity. Hard Rock International is one of the most potential candidates who are looking for some area in Vegas to mark its return. HRI opted for the purchasing of the Intellectual Property rights for Vegas from Hard Rock Las Vegas in the May of last year. It also indicated the anxious temperament to make something happening in the city. After losing its chance to introduce the Hard Rock-themed venue in Greece last year, the company is having some extra money for spending in Vegas to fulfill its goal.
Before anyone makes a step forward, VICI Properties needs to weigh in. The real estate investment trust has its rights for refusing various Vegas properties. And this deal worked for the former Eldorado. It is more likely to deny the interest before any negotiation takes place. It can also try to figure out another way to make the deal more appealing to its own wallet. Despite how it looks like to get an opportunity, various companies alongside HRI are very eagerly looking for snatching the property. Also, there are some private equity firms interested in it.