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Stock Market & Financial Investment News

News Breaks
February 4, 2013
14:44 EDTCZRCaesar's may move assets into Caesars Growth Venture Partners, may sell stake
In a regulatory filing this morning, Caesar's Entertainment (CZR) said it is pursuing a strategic transaction that would see the company transfer certain of its assets to a newly created entity, named Caesars Growth Venture Partners, which would be a growth oriented vehicle focused on projects that are complementary to the company's existing properties. The company stated, "We anticipate that [Caesar's Entertainment Corporation] would own a significant portion of CGVPís equity interests and that subsidiaries of CEC would manage new casino properties owned by CGVP. We are pursuing this transaction because we believe it will improve our liquidity and credit profile, enhance our distribution network and provide additional support for potential new ventures...It is anticipated the Sponsors would participate in the transaction and that CECís other shareholders would have the opportunity to participate on the same terms." Among the assets that might be transferred into Caesars Growth Venture Partners, the company listed Planet Hollywood, its investment in a casino project under development in Baltimore, Maryland, shares of Caesars Interactive Entertainment and other holdings. Caesar's cautioned, "There are no commitments with respect to any such transaction and there have been no agreements with respect to price or value. The transfer of such assets would require the approval of regulators and other third parties, which we may not be able to obtain. Therefore, we cannot assure you that any such transaction will be entered into or consummated or, if consummated, describe the impact the transaction would have on us." In afternoon trading, shares of Caesars Entertainment are up 62c, or 7.94%, to $8.43.
News For CZR From The Last 14 Days
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September 30, 2014
08:43 EDTCZRApollo wins approval for transfer of Caesar's loyalty program, NY Post says
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September 26, 2014
09:33 EDTCZRNevada reports August statewide gaming win down 3.66% to $920.29M
Nevada reports August Las Vegas Strip gaming win down 6.08% to $553.19M. Publicly traded companies in the space include Boyd Gaming (BYD), Caesar's (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
September 17, 2014
15:36 EDTCZRCaesar's senior lenders drawn into debt restructuring talks, Bloomberg says
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