Caesars 1.18 billion stock offer in new online spinoff

Caesars Entertainment Corp will distribute rights to its stockholders to buy around 125 million shares of Caesars Acquisition Co. at $9.43 each, reported Bloomberg Wednesday.

These two entities will form Caesars Growth Partners, as announced earlier this year , a venture comprising Interactive Entertainment which will include social and mobile gaming, the World Series of Poker business and regulated online gambling; and Casino Properties and Development which is likely to include the Planet Hollywood Resort & Casino in Las Vegas and other businesses.

Caesars Entertainment reported $21.1 billion debt at March 31, 2013 and the creation of the new venture will go a long way to boosting the balance sheet while funding further investments.

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