Caesars Entertainment Corporation Getting Closer to Selling a Portion of its Online Business – Consortium of China’s Giant Interactive Group in Bid
Caesars Entertainment Corporation is getting closer to selling a portion of its online games business. According to reports the gaming company is in talks to finalize an agreement deal worth $4.2 billion with a Chinese group that involves other online games developers such as Giant Interactive Group.
News agency Reuters reported saying that Caesars Interactive Entertainment online sector purchased Playtika back in 2011. Revenues for 2015 were worth a little over $765 million, which is a 23% increase. Giant Interactive Group was purchased for $3 billion in a private sale back in 2014 by Yuzhu Shi and the Baring Private Equity Asia firm. An exclusivity timeframe was granted after the auction of the potential sale did not include Caesars Entertainment Corp’s World Series of Poker brands.
Proceeds from any sales are supposed to be restructured to go towards the creation of a new group in connection with the merger between Caesars Entertainment Corporation and Caesars Acquisition Company. The merger is still caught up with the ongoing bankruptcy case worth $18 billion of Caesars Entertainment Corporations main gaming sector, Caesars Entertainment Operating Company, and has not yet been finalized.