New User:

-or-
Username:
Password:
Forgot your password?

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 CGVP’s 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 CEC’s 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
Sign up for a free trial to see the rest of the stories you've been missing.
July 1, 2015
08:10 EDTCZRCaesar's appoints Mark Frissora as President and CEO
Subscribe for More Information
June 30, 2015
06:47 EDTCZRCaesar’s CEO Loveman: I faced ‘every imaginable human catastrophe,’ WSJ says
Caesar's CEO Gary Loveman defended his tenure with the company after its leveraged buyout in January 2012, saying that he faced “every imaginable human catastrophe” while on the job, including “floods, hurricanes, building collapses, murders,” the Wall Street Journal reports. “This job has made me numb,” Loveman said at a speech at Stanford University in 2012, the report says. Reference Link
June 26, 2015
09:32 EDTCZRNevada reports May Statewide gaming win up 3.33% to $1.0B
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use