Caesars Entertainment to purchase affiliate
The Las Vegas company will take over Caesar's Acquisition in an all-stock deal, giving its shareholders an approximately 62 percent in the combined company. Shares jumped 24 percent in heavy trading before the opening bell Monday.
Caesars Entertainment Operating received a default notice earlier this month, although it disagreed that a default had occurred. Last month, Caesars said it was in discussions with its creditors to lower its USD 24.2 billion in debt.
Caesar's Entertainment Operating Co. will file for bankruptcy as part of the deal announced Monday.
The new company will have USD 1.7 billion in cash and operate its casinos in addition properties like Planet Hollywood and online gambling.
Shares of Caesars Entertainment Operating Co. rose USD 3.21 to USD 16.70 in pre-market trading.
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