U.S. casino operator Caesars Entertainment has agreed to sell a golf course in Macau to Pearl Dynasty Investment Ltd for $438 million, effectively giving up on its wait for casino operating rights in the Chinese gaming enclave. The Las Vegas-based company said on Friday it plans to use proceeds to fund other capital expenditures or repurchase debt obligations, according to a filing to the U.S. Securities and Exchange Commission. It did not comment further.This followed a move by Caesars in April to spin off assets, with takeover firms Apollo Global Management LLC and TPG Capital LP investing $250 million each in a new business free from the shackles of the company's debt, potentially raising up to $1.2 billion for Caesars.The company was taken private by a consortium led by the two private equity firms in 2008 for $30.7 billion and went public last year. It is struggling to cope with debt topping $20 billion, according to its interim results announced July 30.Caesars does not own a license to operate casinos in Macau.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO fell by 0.25% or $-0.07/share to $27.98. In the past year, the shares have traded as low as $13.12 and as high as $28.84. On average, 1515730 shares of APO exchange hands on a given day and today's volume is recorded at 914061.
Caesars Entertainment Corporation provides casino entertainment services. Shares of CZR traded higher by 4.26% or $0.75/share to $18.36. In the past year, the shares have traded as low as $4.52 and as high as $18.73. On average, 636136 shares of CZR exchange hands on a given day and today's volume is recorded at 1554007.
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