The world's biggest casino company, Caesars Entertainment Inc., has arranged to sell its 25% stake of a casino located in South Africa. Caesars is reportedly selling their claim of the casino to Peermont Global Ltd.  The selling price is $145 million.

Peermont Global Ltd. is a company based in South Africa. In a statement released by Caesars, it states that Perrmont will buy the portion of the Caesars Gauteng casino with partner company Marang Gaming Investments.

Additionally, Peermont will be purchasing the 50% interest that Caesars manages at the resort. The property is located outside Johannesburg and has over 270 hotel rooms.

The sale is scheduled for completion by the end of the second quarter of 2005. That would post a  revenue of nearly $90 million before taxes.

The resort is scheduled for an overhauling after the deal is complete.