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Caesars Sells Stake Stripping Guarantee on Much of Its Debt

Caesars Entertainment Corp. is selling a minority interest in its largest unit, a step that removes guarantees by the casino company on much of its $23 billion of debt and sets the stage for a wider restructuring.

The Las Vegas-based company is selling a 5 percent stake in Caesars Entertainment Operating Co. to undisclosed investors, according to a statement yesterday. Caesars has agreed to pursue a stock exchange listing for the unit.