Deals
Caesars Creates Venture Using $500 Million From Apollo, TPG
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Caesars Entertainment Corp., the largest owner of U.S. casinos, said it’s creating a venture that will raise as much as $1.2 billion to finance growth investments and bolster the parent company’s balance sheet.
The venture, Caesars Growth Partners LLC, intends to buy a stake in Planet Hollywood Resort & Casino in Las Vegas and interests in the Horseshoe Baltimore casino project currently under development, according to a statement today. Apollo Global Management LLC and TPG Capital plan to invest $500 million in the entity, combining the new investment with well-performing holdings in a structure less constrained by debt. Caesars said it expects to own a stake of at least 57 percent in the venture’s earnings.