Caesars To Spin Off Growth Venture With PE Backing

Law360, New York (April 23, 2013, 7:02 PM EDT) -- Caesars Entertainment Corp. said Tuesday that it intends to spin off a new venture with at least $500 million from Apollo Global Management LLC and TPG Capital as it looks to raise capital for growth plans and improve finances after struggling for years with high debt.

The new venture, Caesars Growth Partners LLC, hinges on the private equity backers each investing $250 million, and while no agreement has yet been inked, the potential sponsors have both told the casino operator that they intend to go ahead...
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