Caesars Shares Major News on its Las Vegas Strip Asset Sale

Real estate on the Las Vegas Strip has become incredibly valuable. Strips of land sell for tens of millions of dollars and any parcel big enough to host a casino goes for much more than that.

Current casinos sell for billions of dollars. MGM Resorts International MGM sold Mirage to Hard Rock International for $1 billion and paid $1.625 billion to buy Cosmopolitan. Tropicana, a much older property, only sold for $148 million but that property likely needs to be imploded and rebuilt (which will cost billions).

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