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United States : CAESARS ENTERTAINMENT CORP. inks asset sale deal worth $2.2B.

Caesars Entertainment Corporation has inked a deal to sell four assets which include Bally's Las Vegas and Harrah's New Orleans, to Caesars Growth Partners, LLC.

Structured as an asset sale, the deal, is worth $2.2 billion including estimated cash proceeds of $1.8 billion, assumed debt of $185 million and pledged capital investment of $223 million for The Quad property on the Las Vegas strip.

Caesars Growth Partners is a partnership in which Caesars Entertainment owns a 58 percent economic stake.

Keeping the properties in the Caesars network, Caesars Entertainment and its associated firms will still be managing the assets sold under this deal.

The deal is included in Caesars Entertainment Corporation's earlier announced plans to shore up the funds of its largely-indebted main operating arm Caesars Entertainment Operating Company, Inc.

Chairman and CEO of Caesars Entertainment Gary Loveman said : 'Since being taken private near the beginning of the global financial crisis, we have faced an incredibly challenging business environment and a highly leveraged capital structure. Despite these obstacles, we have invested significantly in the growth of our network and the enhancement of our assets while concurrently deploying a wide array of financial and operational tools to manage the company s capital structure and create value. Today's asset sales mark an important step in our ongoing efforts to repair CEOC's balance sheet. We also share in the economic benefits associated with Caesars Growth Partners, including considerable growth last year at Caesars Interactive Entertainment, Inc.'

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Publication:Mena Report
Date:Mar 6, 2014
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