Caesars Inks $2.2B Property Sale To New Subsidiary

Law360, New York (March 3, 2014, 1:15 PM EST) -- Private equity-backed Caesars Entertainment Corp. will sell four properties to separate but majority owned unit Caesars Growth Partners LLC for $2.2 billion in an effort to restructure the casino and entertainment company’s debt, according to a Monday statement.

Under the terms of the deal, Growth Partners will nab Bally’s Las Vegas, The Cromwell, The Quad Resort & Casino and Harrah’s New Orleans for about $1.8 billion in cash. The unit will also assume $185 million in debt and has committed to a $223 million renovation of...
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