Caesars Entertainment Corporation announced that it will make available 10 million shares of common stock in an effort to get rid of some of its debt.
According to the Las Vegas Review-Journal, the move could retire $4 billion of debt that is due later this year. It has $23.5 billion in long-term debt, which is the most in the casino-gambling industry. There reportedly was speculation that bankruptcy protection was a possibly in the company’s future if something wasn’t done to retire some of the debt.
Caesars, one of the largest casino firms in the world, has brick-and-mortar properties all over the country. The firm is perhaps best known for its Las Vegas casinos, Caesars Palace, the Flamingo and the Rio Hotel and Casino, just to name a few. It is currently in development of the $550 million Linq, which is located on the Strip and should open in February.
The firm is also building a casino in Baltimore and in competition for development in the state of Massachusetts. Not long ago, the company opened casinos in Ohio.
Caesars is the owner of the iconic World Series of Poker brand, which just recently launched an online poker product in the Silver State. Those games, run on 888 Holdings software, are reserved for those physically within Nevada’s borders. The firm is expected to be involved with online gambling in New Jersey, once that market is open for business come November.
