Casino giant Caesars Entertainment Corp. informed regulators on Friday that it is actually selling its house in Macau to an Asian developer for $438 million.

The Las Vegas-based company reported in a quarterly filing for the U.S. Securities and Exchange Commission that it had agreed Tuesday to sell the golf course home to Pearl Dynasty Investments Ltd.

The publicly traded company stated the sale is expected to close by the end in the year, and it intends to use the proceeds to pay down debt. Company stock ended the trading day Friday at $18.36, up 75 cents or four.26 percent.

Caesars Entertainment spokesman Gary Thompson stated a confidentiality clause inside the sale agreement precluded the corporation from comment beyond its disclosures in the 10-Q report.

The report says the agreement called for initial deposits this week of $65.7 million by Pearl Dynasty, with plans to complete the transaction inside 90 days. Caesars Entertainment could maintain $43.8 million in the event the deal fails.

Caesars is definitely the largest casino operator in the U.S., with properties in Las Vegas, Atlantic City, N.J., Indiana, Louisiana, Mississippi and a number of other states. It truly is the only significant U.S. casino enterprise with out a casino in Macau.

Rival corporations MGM Resorts International, Wynn Resorts Ltd. and Las Vegas Sands Corp. have Macau properties inside the Chinese gambling enclave about a one-hour ferry ride from Hong Kong.

Corporate predecessor Harrah’s Entertainment purchased the 175-acre internet site in 2007 for $578 million, with plans to create a hotel and casino. The name from the home was changed to Caesars Golf in 2010, just after the corporate name change.

Nonetheless, the organization didn’t apply inside the early 2000s for a single of a finite variety of gambling licenses in Macau, and it never gained a gambling concession in the Macau government

Caesars Entertainment stated in a SEC filing last month that it plans to raise $1.two billion by promoting stock in the enterprise.

It’s also in the method of establishing an internet gambling site for players in Nevada and is taking measures to spin off its online gambling venture into a separate business.