Friday July 12,2013 : CAESARS 1.18 BILLION STOCK OFFER IN NEW ONLINE SPINOFF (Update)
Venture to boost balance sheet
Caesars Entertainment Corp will distribute rights to its stockholders to buy around 125 million shares of Caesars Acquisition Co. at $9.43 each, reported Bloomberg Wednesday.
These two entities will form Caesars Growth Partners, as announced earlier this year, a venture comprising Interactive Entertainment which will include social and mobile gaming, the World Series of Poker business and regulated online gambling; and Casino Properties and Development which is likely to include the Planet Hollywood Resort & Casino in Las Vegas and other businesses.
Caesars Entertainment reported $21.1 billion debt at March 31, 2013 and the creation of the new venture will go a long way to boosting the balance sheet while funding further investments.