Heavily indebted casino operator Caesars Entertainment Corp said it would split itself into two companies, with private-equity firms Apollo Management LP and TPG Capital intending to invest $250 million each in a new growth-oriented business.Caesars said on Tuesday it would retain majority ownership of the new entity, Caesars Growth Partners LLC, which is intended to improve the company's capital structure and allow it more flexibility to pursue new projects.Caesars shares leaped 31 percent after the announcement to one-month high of $16.36, before easing back to $16.25.The transaction could see up to $1.2 billion raised with contributions from existing shareholders, the company said.
Caesars Entertainment Corporation provides casino entertainment services. Shares of CZR traded higher by 30.34% or $3.79/share to $16.28. In the past year, the shares have traded as low as $4.52 and as high as $18.37. On average, 1207910 shares of CZR exchange hands on a given day and today's volume is recorded at 1747072.
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