Caesar's Entertainment Corporation is set to market off four properties to Caesar's Growth Partners for $2.2 billion following issuance into an agreement Monday a press release reported.
The acquisition also includes a $185 million debt, and $223 million in expenses, which the company anticipates earning $1.8 billion from the press release reported.
"Since being taken private near the beginning of the global financial crisis, we have faced an incredibly challenging business environment and a highly leveraged capital structure," Gary Loveman, chairman and CEO at Caesars Entertainment said in a statement.
"Despite these obstacles, we have invested significantly in the growth of our network and the enhancement of our assets while concurrently deploying a wide array of financial and operational tools to manage the company's capital structure and create value. Entering 2014, I am very excited about our new customer offerings. Across our network, we have recently opened or will open promising new projects and amenities, such as The LINQ and High Roller and upgrades throughout Las Vegas," Loveman said in the statement.
"We also share in the economic benefits associated with Caesars Growth Partners, including considerable growth last year at Caesars Interactive Entertainment, Inc., through social and mobile games and the launch of real-money online gaming in Nevada and New Jersey," Loveman said in the statement.
The properties include Bally's Las Vegas, The Cromwell which used to be Bill's Gamblin' Hall and Saloon, the Quad, and Harrah's New Orleans.
"The acquisition of these assets further aligns Growth Partners' portfolio with attractive markets, especially Las Vegas," Mitch Garber, CEO at Caesars Acquisition Company said in a statement.
"Growth Partners is focused on acquiring and developing high-growth operating assets with strong value creation potential. These four properties will strongly complement our existing portfolio, particularly Planet Hollywood and our interest in Horseshoe Baltimore, which will open later this year. All of these properties will continue to benefit from participation in the Total Rewards network," Garber said in the statement.
