Caesars shares soared as much as 14% in strong volume Wednesday after it said in a regulatory filing it’s moving ahead with plans to split the company in two. Caesars, the biggest owner of casinos in the U.S., will offer as much as $1.18 billion in stock to fund its emerging online gambling business. The company will distribute rights to shareholders to buy as many as 125.4 million shares of newly formed Caesars Acquisition Co. at $9.43 each.
Caesars Entertainment and Caesars Acquisition are forming Caesars Growth Partners, a venture investing firm for online gambling and some casinos. Now, Caesars shares have jumped 27.3% April 23 after it announced its plan to split the company and then to create Caesars Growth Partners as a separate company, with $500 million backing, $250 million each from venture firms Apollo Global Management (APO) and TPG Capital.
Caesars shares were up 14% in afternoon trading in the stock market today. More news about the Las Vegas-based Caesars Entertainment can be found on Investors.com.
Caesars Entertainment merges two successful leaders in gambling: Caesars Entertainment and Eldorado Resorts, who have come together to create the largest and most diversified collection of destinations across the U.S. This includes many of the world’s most prestigious gaming brands, including Caesars Palace, Harrah’s, Horseshoe, Eldorado, Silver Legacy, Circus Circus Reno and Tropicana, among many others, we are the global leader in gaming and hospitality.
While each of our over 50 world-class resorts offer its own unique amenities, all share a common goal of providing unparalleled family-style service and exhilarating experiences.
