Caesars Entertainment Corporation, an American casino operator, has agreed to sell a golf course in the China-administered Macau to Pearl Dynasty Investment.

The proceeds will be used to fund capital expenditure and repurchase debt obligations, according to a filing with the US Securities and Exchange Commission.

The Las Vegas-based company agreed to sell the course for $438m (£282m; €327.7m) and end attempts to build a hotel/casino following failure to secure casino operating rights in the region

Pearl Dynasty has paid approximately £65.7m as of Thursday, Caesars said in its filing, adding the deal is expected to close within 90 days. A further $8m will be paid if the closing date is extended by a month.

The land cost Caesars $578m when purchased in 2007.

The largest casino operator in the US, Caesars planned to sell the land last year, after waiting five years for government permission.

According to Deutsche Bank, gambling revenue in Macau is expected to rise year-on-year to $44.5bn from $38bn.

In April, Caesars sold assets to buy out Apollo Global Management and TAG Capital, which each invested $250m in a new business. This raised up to $1.2bn for Caesars.

The company's interim results announced on 30 July showed it is struggling under mounting debts of $20bn. In the second quarter, the company's net loss dropped to $212.2m from $214.7m year-on-year.

Caesars was taken private in 2008 by a conglomerate consisting of two private equity firms. It went public last year.