LAS VEGAS (AP) — Casino giant Caesars Entertainment Corp.informed regulators on Friday that it is
selling its property in Macauto an Asian developer for $438 million.The Las Vegas-basedcompany reported in a
quarterly filing to the U.S. Securities andExchange Commission that it had agreed Tuesday to sell the golf
courseproperty to Pearl Dynasty Investments Ltd.The publicly tradedcompany said the sale is expected to
close by the end of the year, andit intends to use the proceeds to pay down debt. Company stock ended
thetrading day Friday at $18.36, up 75 cents or 4.26 percent.CaesarsEntertainment spokesman Gary Thompson
said a confidentiality clause inthe sale agreement precluded the company from comment beyond itsdisclosures
in the 10-Q report.The report says the agreementcalled for initial deposits this week of $65.7 million by
Pearl Dynasty,with plans to complete the transaction within 90 days. CaesarsEntertainment could keep $43.8
million if the deal fails.Caesarsis the largest casino operator in the U.S., with properties in LasVegas,
Atlantic City, N.J., Indiana, Louisiana, Mississippi and severalother states. It is the only major U.S.
casino company without a casinoin Macau.Rival companies MGM Resorts International, Wynn ResortsLtd. and Las
Vegas Sands Corp. have Macau properties in the Chinesegambling enclave about a one-hour ferry ride from Hong
Kong.Corporatepredecessor Harrah’s Entertainment bought the 175-acre site in 2007 for$578 million, with
plans to develop a hotel and casino. The name of theproperty was changed to Caesars Golf in 2010, after the
corporate namechange.However, the company didn’t apply in the early 2000s forone of a finite number of
gambling licenses in Macau, and it nevergained a gambling concession from the Macau governmentCaesars
Entertainment said in a SEC filing last month that it plans to raise $1.2 billion by selling stock in the
company.Itis also in the process of setting up an online gambling site forplayers in Nevada and is taking
steps to spin off its online gamblingventure into a separate company.Copyright 2013 The Associated Press.