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Caesars Interactive Entertainment
Wednesday April 24,2013 : CAESARS TO SPIN OFF INTERACTIVE ARM
Move to be executed through new Caesars Growth Partners
The debt-burdened Las Vegas land gambling giant Caesars Entertainment,which reportedly has debts exceeding $24 billion, is to spin off its successful online division, Caesars Interactive Entertainment, to a new and separate company titled Caesars Growth Partners, the Wall Street Journal reported Tuesday.
The $2.3 billion new company, which will be helmed by CIE chief executive Mitch Garbers, will include Caesars Interactive along with Planet Hollywood casino in Las Vegas and the Horseshoe Baltimore casino, a 40 percent-owned construction project which Caesars is building in partnership with Rock Gaming.
Between 23 percent and 43 percent of the new corporate will be sold to Caesars' current owners.
Funding for the new company amounting to $500 million is to come from investment houses Apollo Global and TPG Capital.
The Wall Street Journal reported that the move is designed to better manage a heavy debt burden, and commented that some analysts are concerned that the gambling giant may be "underselling" some of its assets.
Caesars' owners Apollo Management and TPG Capital will pay about $250 million each for their portion of the assets, while existing stockholders can contribute up to an additional $700 million.
In a complicated structure, the new ownership of Growth Partners will be held by a holding company called Caesars Acquisition Company that is likely to be traded publicly, the Journal reports.
A Caesars spokesman said Tuesday that Caesars Growth Partners helps raise capital without diluting the value of the owners' shares, and enables the raising of capital without carrying the penalty of Caesars' significant debt.
"The transaction is an important step in our continuing efforts to improve the company's balance sheet and position ourselves to make strategic investments," Caesars chief executive Gary Loveman said in a statement.
Investors appeared to like the initiative, driving the share price up 27 percent,to close at $15.90.
According to analysts, the deal appears to value Caesars Internet business between $400 million and $650 million.
Betradar Launches US Sports Betting Solutions -
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Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
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MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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