PE-Backed Caesars Rakes In $438M For Macau Golf Property

Law360, New York (August 9, 2013, 5:20 PM EDT) -- Private equity-backed casino and resort operator Caesars Entertainment Corp. has sold a golf course property in the Chinese gambling center of Macau to Asian developer Pearl Dynasty Investment Ltd. for $438 million, Caesars disclosed in a regulatory filing Friday.

Caesars, a portfolio company of Apollo Global Management LLC and TPG Capital, said it signed a share purchase agreement with Pearl Dynasty on Tuesday to sell its 175-acre tract in Macau. Pearl Dynasty has made a deposit of roughly $65.7 million — 15 percent of the total...
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