New York-listed casino operator Caesars Entertainment Corporation has agreed to sell its majority-owned South African venue Emerald Resort & Casino for total proceeds of $49m.
Caesars will sell its 70 per cent stake in Emerald Resort to Johannesburg-based gaming and hospitality giant Peermont Hotels, Casinos and Resorts.
Cash proceeds to be received by Caesars will total $39m, with the deal implying a 7.9x multiple on 2018 EBITDA of $6.2m.
"While Emerald Resort & Casino is a unique property, [...]
