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Wednesday, October 22, 2014

Philippine regulator says Caesars must put up higher casino investment, (NASDAQ: CZR)

U.S. gaming firm Caesars Entertainment Corp has to put in at least $1.5 billion as minimum investment if it proceeds to invest in the Philippines, an up-and-coming gaming destination that has lured some of the world's biggest casino operators. Last month, Philippine President Benigno Aquino met with top Caesars officials, with the casino operator following up the San Francisco meeting with a written expression of interest to invest in the country, Cristino Naguiat, chairman of the state gaming firm Pagcor, told reporters on Wednesday.The government now requires new casino investors to put in a minimum of $1.5 billion, half a billion dollars more than the initial investment paid by the four casino licensees in the 100-hectare (247 acres) gaming and leisure complex known as Entertainment City in the capital Manila."If we bring in something new, it has to add value to the development of Entertainment City," Naguiat said. "They will be facing new terms of reference - the new investors."Naguiat added that other American gaming companies, which he did not name, were also interested to invest in the country.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR traded higher by 9.03% or $1.03/share to $12.44. In the past year, the shares have traded as low as $8.51 and as high as $26.74. On average, 1560130 shares of CZR exchange hands on a given day and today's volume is recorded at 2230243.