The Buzz | Caesars jumps on USD4.4b deal to sell games unit

Caesars Entertainment Corp. surged as much as 11 percent after agreeing over the weekend to sell casino-style online games unit Playtika Ltd. for USD4.4 billion to Chinese investors led by Shanghai Giant Network Technology Co.
The sale could give Caesars, the Las Vegas-based casino operator, more cash to help reach a settlement with bondholders of its largest division, which filed for bankruptcy in January 2015. Caesars acquired Playtika in 2011 via a separate unit, the Caesars Interactive Entertainment arm, which remains the owner of the World Series of Poker and real-money online gaming businesses.
Caesars jumped 6.2 percent to $7.33 at 9:38 a.m. after reaching as high as $7.69 earlier. The shares had sunk 13 percent this year through last week.
The all-cash deal gives the Chinese buyers a foothold in a fast-growing segment of the gaming industry, as users turn to mobile applications over PC- and console-based systems.