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Some segment of Interactive division of Caesars may be put on sale to clear off its loans | 14 February 2013 : WorldCasinoYellowPages

Some segment of Interactive division of Caesars may be put on sale to clear off its loans

... 14 February 2013

Some segment of Interactive division of Caesars may be put on sale to clear off its loans

Caesars Entertainment has not been lucky enough to register any profit since the last four years whereas the casino operators in the US have generated considerable revenues. The company has been put to heavy losses due to such a long gap that has left it in an embarrassing situation with downward trend in its fiscal conditions resulting in debts to the tune of $20b+ debt load. Caesars is now planning to establish itself in Asia and a pact has since been initiated by it with the planned casino project structure in South Korea.

With an aim to clear off its loans, it would offer 9% senior secured notes on $1.5b on seven-year basis. In addition, Caesars has revealed with the SEC, i.e. Securities Exchange Commission that it plans to dispose off parts of its Baltimore and Las Vegas Planet Hollywood casinos. The filing made by the company with SEC also says that some segment of the Interactive division including Buffalo Studios, the Playtika and the World Series of Poker could also be put on sale by Caesars leaving all their expectations of facilitating the synchronized internet poker to the citizens of the US.

There was news about Caesars about their Interactive division being spun off into a separate concern before the parent company could be compelled to go into bankruptcy as per Chapter 11. Though nothing has been made public about the balance sheet of Caesars; they seem to have hyped the profit figures of their Interactive division. In case the online gambling legislation of New Jersey gets approved this Thursday by Chris Christie, the governor, the apparent value of Caesars would be benefited greatly regardless of their actual fiscal position.

Twenty fifth of this month is the date when Caesars Entertainment has to release its FY 2012 and Q4 income report. The company has already revealed that the loss suffered by them for the fourth quarter could figure out from $452m to $556m against the revenue of $1.55b to $1.58b. If that is a fact, it would cross more than double the amount of $268m assessed by the forecasters for the $246.9m of Q4 in 2011 who say that the revenues could touch $2.11b while as per the company an amount between $30m and $35m of the loss could be due to Hurricane Sandy that hit the region in October resulting in closure of properties in Atlantic City, the place where large sum of funds had been poured in by Caesars, the sufferer.

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