Caesars separating online, brick and mortar gaming
By AP
LAS VEGAS — Caesars Entertainment is taking steps to spin off its online gambling venture into a separate company.
The casino operator, which owns Harveys and Harrah’s Lake Tahoe in Stateline, 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 also would 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 Las Vegas Strip casinos and controls several dozen casinos throughout the country.
Looks like they’re writing off their debt-ridden, heading for bankruptcy, core business!
While many observers have tried to make sense of what they’ve been doing with their Tahoe properties, maybe there’s nothing to understand-Caesars has just given up. And now just hopes to focus on what it deems as the future-online gaming?
Have to agree Parker. They have no strategy in place to regain their lost revenue from days ago. Like other big players in town, they see no future here and therefore will make no investment. Whatever happened to the Edgewood Hotel, the Heavenly Cal Base lodge and Galaxy Chair, room renovations at Mont Bleu, 323 up on Kingsbury, etc. BTW….. heard anything about the city council approval at the Chateau? No news of a signed contract that I can see or have heard. Mmmmmmmm.