Caesars exiting Macau for $438 million

Caesars Entertainment Corp. revealed in its quarterly earnings report last week that it has agreed to sell its Macau golf course to Pearl Dynasty Investments Ltd. for US$438 million.

Caesars Entertainment Corp., Las Vegas, paid US$578 million for the Cotai Strip golf course in 2007 and planned to develop a casino-resort but was stymied after the special administrative region’s government did not grant it a gaming license. Caesars took a US$101 million write-down on the 175-acre (70 hectare) property last year.

Pearl Dynasty has paid US$65 million for the property so far and must complete the deal within 90 days.