Caesars Entertainment Sells Off Interactive Division

It is now official that the seriously indebted Caesars Entertainment group will sell off some parts of its Montreal-based interactive gambling division. In the group's SEC filing it was associated with incurring further debt by offering $1.5 billion of seven-year, 9 percent senior secured notes to help pay other maturing loans.

In addition to all that, the Caesars parent group is carrying a massive debt burden in excess of $20 billion.

Having high hopes for a move into online gambling, former Party Gaming chief Mitch Garber formed Caesars Interactive Entertainment, which ended up in the Securities Exchange Commission investigating plans for selling it off along with elements of land casinos.

Apart from forging partnerships with major online gambling companies overseas, CIE made several internet and social gaming-related acquisitions like Playtika and Buffalo Studios, as well as successfully obtained a Nevada online poker license.

The company plans to introduce a World Series of Poker branded website in partnership with 888 Holdings. Currently, Caesars and 888 operate real money gaming in the UK, France, and Italy.

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