Caesars Gets Approval To Spinoff Internet Gambling Division, CasinosCasino Firm To Make Brand New Company Out Of Three Entities |
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Caesars Entertainment Corp. received preliminary approval by Nevada gambling regulators to spinoff Planet Hollywood casino, located on the Las Vegas Strip, Caesars Interactive Entertainment, which is the company’s online gambling division, and its new casino project in Baltimore, Maryland into a separate company, the Las Vegas Review-Journal reported.
By making the move, the company will raise $1.18 billion thanks to selling shares. It’s more than $21 billion in debt, however.
Caesars has the popular World Series of Poker brand under its control, and could be launching an online poker product in the Silver State in the near future. The World Series of Poker is currently underway in Las Vegas.
The parent company is one of the largest commercial operators in the world.
Gambling regulators voted 3-0 in favor of the move. The state’s five-member Gaming Commission will make a final decision later this month.
According to the Review-Journal, the stack of Caesars has been strong this year, thanks to some of the moves. It has more than doubled in value.
Some of the company’s proprieties include Caesars Palace and the Rio Hotel and Casino in Las Vegas. In the state of Ohio, Caesars partnered with Rock Gaming to bring casinos to Cleveland and Cincinnati.
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