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Caesars Entertainment Corp (CZR) has gained 13 percent to $15.94 Wednesday after announcing it plans to offer about $1.18 billion in stock in its expansive US-based online gambling business. The company has more than doubled this year.
The company plans to offer a real money platform for its WSOP.com website and last week partnered up with its four Atlantic City properties to begin offering real money Web gambling to residents of New Jersey.
Caesars Entertainment will distribute rights to its stockholders to buy as many as 125.4 million shares of Caesars Acquisition Co. at $9.43 each, according to a filing Wednesday July 10, 2013. Caesars Entertainment and Caesars Acquisition are forming Caesars Growth Partners, a venture for online gambling as well as some casinos.
Caesars Entertainment is looking to bolster the parent company’s balance sheet, which showed $21.1 billion of long-term debt heading into the month of April.
- Aaron Goldstein, Gambling911.com
