Contact Us
Make My Homepage

Caesars Spinning Off Online Gambling Company

Caesars Entertainment is taking steps to spin off its online gambling venture into a separate company.

Internet Gambling
Jupiterimages, Getty Images

The casino operator said in a Securities and Exchange Commission filing Wednesday that it plans to raise $1.2 billion by selling stock in the company.

The new company would also include the Planet Hollywood hotel-casino and a Baltimore casino under development.

Caesars plans to launch an online gambling site in Nevada in the coming months, and it already operates sites abroad.

The company said in its regulatory filing that it is “actively participating in the U.S. lobbying effort” to expand legalized online gambling beyond the three states where it is currently permitted, Nevada, New Jersey and Delaware.

Once the world’s largest gambling operator, Caesars has struggled with debt recently. It’s the only major U.S. casino company without a presence in the Chinese gambling enclave of Macau.

The company posted a smaller loss last quarter but still missed expectations.

Rivals Wynn and Las Vegas Sands posted big quarterly gains, helped by their lucrative Macau resorts.

Caesars operates 10 Strip casinos including Caesars Palace, the Flamingo and Bally’s. It also controls several dozen casinos throughout the country.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

Best of the Web


Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!