Caesars Entertainment to create new online gaming venture

no operators Caesars are to offer $1.2bn in stock in a new company that will pursue online gaming opportunities in the United States.

The new venture will look to build on or buy assets which leverage "interactive technology with well-known online brands”.

Caesars Entertainment Group are offering approximately 125 million shares, with current shareholders set to be given the opportunity to buy into the new firm for $9.43 a share.

The group already offer online games in European countries, including the UK, and are planning to launch a real-money gaming operation in Nevada later this year, following the passing of an online poker law there in 2011.

A company spokesman also confirmed that the firm are “actively participating in the US lobbying effort for other states to follow Nevada, Delaware and New Jersey”.

Bruce Archer