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Monday, December 22, 2014

Caesars Entertainment to purchase affiliate to restructure debt, (NASDAQ: CZR)

Casino and entertainment company Caesars Entertainment Corp, whose largest operating unit plans to file for bankruptcy, said it would purchase affiliate Caesars Acquisition Co in an all-stock deal.The world's largest gaming company said the deal would allow it to restructure the unit's debt of about $18.4 billion without the need for significant outside financing.Caesars Entertainment Operating Co (CEOC) said on Friday it would file for Chapter 11 bankruptcy by mid-January, marking a low point for the casino giant which was taken private for about $30 billion by Apollo Global Management and TPG Capital in 2008.Casino companies have been facing slowing growth as the number of casinos in the United States proliferate.

Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR remained unchanged at $13.49. In the past year, the shares have traded as low as $8.51 and as high as $26.74. On average, 1686720 shares of CZR exchange hands on a given day and today's volume is recorded at 6560.