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Company sells interest in South African resort

Friday, April 1, 2005 | 10:59 a.m.

Caesars Entertainment Inc. has completed the previously announced sale of its 25 percent stake in a South African casino resort.

Caesars sold its interest in Caesars Gauteng, a casino near Johannesburg, to Peermont Global Ltd., a South African luxury hotel and casino company and its partner Marang Gaming Investments. Peermont also acquired Caesars' 50 percent interest in the company that manages the resort.

Caesars expects to record a pretax gain of about $95 million on the transaction in the first quarter. Proceeds from the $145 million sale will be used to reduce debt.

Caesars Gauteng features 276 rooms, a casino with 1,640 slots and 67 table games as well as 10 restaurants, a spa, a 1,000-seat showroom, indoor roller coaster and theme park, retail stores and conference space. The resort will be rebranded as a result of the transaction.

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