Caesars to use $438 million from Macau golf course sale to pay debt

Caesars Entertainment Corp. is selling its Macau golf course to an Asian developer for $438 million.

The gaming giant announced the sale Friday in a filing with the Securities & Exchange Commission.

The deal landed this week with Pearl Dynasty Investments Ltd., which put up a $65.7 million deposit.

If Caesars successfully closes the deal by the end of the year as expected, it plans to use the money to help pay down its $20 billion debt.

Caesars’ general counsel attorney Tim Donovan had been looking for a potential buyer for a year.

Caesars paid $578 million for the 175-acre golf course in 2007, hoping to use the land to build a casino and grab a foothold in the world’s premier gaming market.

But Caesars never got a gaming license and couldn’t build a casino. That’s when it decided to sell.