Apollo, TPG Back Caesars Spin-Off

Casino conglomerate Caesars Entertainment (NASDAQ: CZR) has agreed to form a new entity that will be backed by Apollo Global Management and TPG Capital. Caesars Growth Partners, the new company, will be a more flexible growth vehicle for the parent company that will control Caesars' interactive gaming business and some of its casino assets. Apollo and TPG will each commit $250 million to the new entity, which will be worth in excess of $2 billion. The two firms are also investors in Caesars Entertainment, which they took private in 2007 for about $17.1 billion.

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