Casino operator Caesars Entertainment Corp has agreed to sell a controlling operating stake in Uruguay's hotel and casino Conrad to Chile's Enjoy for around $140 million. Enjoy, which runs hotels and casinos in Chile and Argentina, said on Monday it will purchase a 45 percent stake in Caesars Entertainment's Baluma unit and will pay for the acquisition with a planned capital increase.Enjoy's shareholders approved a capital increase of 75.0 billion Chilean pesos, or $157 million.Caesars Entertainment has also agreed to buy a 10 percent stake in Enjoy via the subscription of shares offered in the planned capital increase."Enjoy expects this transaction to generate a positive impact on its financial situation due to improvements in the financial structure (and) the incorporation of a company with solid cash flow creation," the Chilean company said in a statement posted on the local regulator's website.
Caesars Entertainment Corporation, formerly Harrah?s Entertainment, Inc. Shares of CZR remained unchanged at $5.14. In the past year, the shares have traded as low as $6.38 and as high as $17.90. On average, 292360 shares of CZR exchange hands on a given day and today's volume is recorded at 0.
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