This story was published more than 1 year ago.
Vegas Strip casino property Treasure Island has reportedly expressed interest in purchasing the Vegas properties owned by Caesars Entertainment should they decide to sell off their assets.
If Caesars decides to sell, Treasure Island could obtain Caesars Palace, Harrah's, Paris Las Vegas, Planet Hollywood, Rio, The Linq, and The Flamingo. Company CEO Phil Ruffin has reportedly offered up to $1 billion in cash for Caesars properties on the Strip, most of which Treasure Island is located close to. For their part, Caesars is reportedly looking to sell assets, and billionaire investor Carl Icahn is working to facilitate a sale.
There are reports that the Caesars properties are bringing in $200-300 million annually in terms of revenues. Most fiscal analysts say that a reasonable offer would go for ten times annual cash flow, meaning that Ruffin would have to likely raise his bid substantially to pull off a deal.
Right now these are all just rumors and we don't have concrete evidence of a purchase or negotiations at this point. We're keeping an eye on the situation and will update readers as we learn more.