Ceasars (CZR) Will Sell Stake in Certain Assets to Improve Financial Position

February 4, 2013 2:55 PM EST
Ceasars Entertainment (Nasdaq: CZR) is trading in positive territory Monday following announcements earlier that it planned to raise money via asset sales.

The company may sell a stake in Caesars Interactive Entertainment, the Planet Hollywood resort in Las Vegas, Nevada, and a new, $1.1 billion project in Baltimore. The assets will be packaged in Caesars Growth Venture Partners. The company will keep a "significant portion" of the portfolio.

Caesars said the asset raise will improve its cash position and credit ratings. It proposed selling $1.5 billion of Senor Notes in a filing today.

Private equity firms TPG Capital and Apollo Global Management hold 70 percent of the shares, while Paulson & Co holds a 10 percent stake.

In afternoon trading, Caesar's is up over eight percent.

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