Caesars sells Macau golf course at loss

Caesars Entertainment Corp. agreed to sell its Caesars Golf Macau course in Macau to Pearl Dynasty Investments Ltd. for $438 million. The US casino operator had bought the property in 2007 for $578 million, hoping it could find a way to use it for a casino but gave up on the idea last year after making no progress and took a $101 million write down. The course generated $200,000 in net profit in the second quarter on $800,000 in revenue. Pearl Dynasty has paid $65.7 million of the purchase price already and must pay the balance within 90 days under the deal.