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Caesars sells South African casino to Peermont for $49m

17th May 2019 6:28 am GMT

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 [...]

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