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Company sells interest in South African casino

Monday, Dec. 27, 2004 | 10:54 a.m.

Caesars Entertainment Inc., the world's largest casino company, has agreed to sell its 25 percent of a South African casino to Peermont Global Ltd. for $145 million.

South Africa-based Peermont will buy the stake in Caesars Gauteng with partner Marang Gaming Investments, Caesars said in a statement.

Peermont will also acquire Caesars' 50 percent interest in the company that manages the 276-room resort located near Johannesburg.

The sale should close in the second quarter of 2005, resulting in a gain of about $90 million before taxes, Caesars said.

The resort will be rebranded after the transaction is completed.

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