Caesar s Entertainment Might be Selling its Online Gambling Division
Caesar's Entertainment the Hotel and iconic gambling company is in financial debt which is crippling this well-known casino operator, their financial report has estimated their loss for the 3th quarter at between $452m - $556m on their $1.55-$1-58 billion revenue.
Caesar's Entertainment might be selling minority stakes in Caesar s Interactive which is their online division as well as some of their land based casino holdings to relieve the debt load. Caesar's has revealed that approximately $30m - $35m of the losses could be attributed to Hurricane Sandy, which resulted in casinos in Atlantic City to close. And in Asia Caesar's hasn't done very well and profits have not be forthcoming since 2009. to stem this trend Caesar's made joint venture moves by building a casino/hotel in Korea.
The recent filings with the Securities Exchange Commission has indicated that Caesar's is looking at liquidating segments of their Planet Hollywood casino, Las Vegas and the proposed casino in Baltimore.
The filings with the SEC has also indicated that they might sell off its Caesar's Interactive division that includes their world class Poker brand, Playtica and the Buffalo Studios social game segments, and also removing the Nevada proposed potential of online poker.
Their interactive division has lots of potential, however, it hasn't been generating the expected results that they originally hoped for.
Caesar's Entertainment is now being forced to making some very tough decisions with regard its future development plans. However, it might come out from the weight of debt if its interactive division begins to produce the results that will be sufficiently substantial that it warrants a good price for the assets.
