Caesars Sells Shares of Internet Gaming SubsidiaryRock Gaming Invests $60.8 Million for Undisclosed Percentage of Shares |
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As legal and regulated online gaming in the U.S. creeps closer on the horizon, Caesars Entertainment Corp. continues to jockey for position as a dominant force in the market.
Midwest-based Rock Gaming LLC has agreed to invest $60.8 million into the online gaming enterprise of Caesars Interactive Entertainment, according to a Monday filing with the Securities and Exchange Commission.
Rock Gaming, which is run by NBA owner Dan Gilbert, and Las Vegas-based Caesars already do brick-and-mortar casino business together in Ohio. The duo are also seeking a license for a video lottery facility in Maryland.
Earlier this year, Caesars launched a Facebook casino application, utilizing Playtika software. The virtual casino already has 1.4 million active monthly users.
Around the same time, the company had its first day of public trading.
With the World Series of Poker, Caesars will be a big brand name in U.S. web poker.
Although the company has stated that it prefers a federal bill legalizing online poker nationwide, it has applied for a license to offer an intrastate product in Nevada. Its likely partner will be online poker site 888, which has also submitted an application to Silver State regulators. Caesars and 888 Holdings already do business together in Europe.
Nevada will likely license companies early this summer to run web poker, but it’s unclear how long the subsequent process of certifying software will take.
Caesars also has an interest in California gaming with its Harrah’s Rincon casino. Golden State lawmakers are currently trying to pass an online gaming bill.
Follow Brian Pempus on Twitter — @brianpempus
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