October 22, 2014
LAS VEGAS (AP) - Casino operator Caesars Entertainment is taking steps to spin off its online gambling venture into a separate company.
Caesars said in a regulatory filing Wednesday that it plans to raise $1.2 billion by selling stock in the company.
The new company would also include the Planet Hollywood hotel-casino and a planned Baltimore casino.
Caesars plans to launch an online gambling site in Nevada in the coming months, and already operates sites abroad.
Once the world's largest gambling operator, Caesars has struggled with debt recently. It's the only major U.S. casino company without a presence in the Chinese gambling enclave of Macau.
The company posted a smaller loss last quarter, but still missed expectations.
Rivals Wynn and Las Vegas Sands posted big quarterly gains, helped by their lucrative Macau resorts