Caesars Entertainment Sees Shares Rise by 13%
Caesars Entertainment Corp. has increased its value by 13% by implementing its plans to provide stocks worth around $1.18 billion in its growing online gambling venture, Caesars Growth Partners.
The share value shot up after Caesars Entertainment revealed plans to offer stocks in its online gambling venture
Caesars Entertainment and Caesars Acquisition formed Caesars Growth Partners in a venture mainly for online gambling.
The rise of Caesars Entertainment stock to $15.94 is the biggest advance the company has seen since April, so far its stock value has doubled this year.
The company is planning on distributing rights to its stockholders and allow them to purchase up to 125 million shares of Caesars Acquisition at around $9.43 per share.
Together TPG Global LLC and Apollo Global Management LLC have a 70% stake in Caesars Entertainment and they are prepared to exercise about $500 million of their rights.
Caesars Growth Partners’ businesses include Interactive Entertainment which operates the company’s online gambling wing. Caesars is preparing to enter the online gambling market in Nevada, New Jersey and Delaware and at the same time is expanding its mobile and social games.
