Caesars Sets Oct. 17 Date for Rights to Web Gaming Unit

Caesars Entertainment Corp. (CZR) set Oct. 17 as the record date for rights to participate in a planned $1.18 billion stock sale that will include an interest in its online gambling business.

Investors as of that date will get the right to buy one share of Caesars Acquisition Co. for each share of the parent company they own, the Las Vegas-based casino owner said today in a regulatory filing.

The new company will be part owner, with Caesars, of a business dubbed Caesars Growth Partners that will be home to the company’s interactive gaming and two casinos. The parent company, which carries more than $23 billion in debt after a 2008 leveraged buyout, seeks to raise the money for projects such as online gaming and new casinos.

In the past week, the company, the largest owner of casinos in the U.S., refinanced $4.9 billion in mortgage-backed securities and other debt, while raising $200 million in a stock offering.

Caesars, controlled by TPG Capital and Apollo Global Management LLC (APO), was little changed at $20.67 in New York. The stock has almost tripled this year.

To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

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