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The looters of Caesars Palace, whom we recently discussed, are having second thoughts...
On Monday, it was announced that Caesars Entertainment Corp. (Nasdaq: CZR) would acquire affiliate Caesars Acquisition Co. in a stock-for-stock merger.
The move will reassemble some of the pieces that were stolen by the company's private equity owners in an ill-advised attempt to restructure the company's debts on the backs of its creditors.
The merger will consolidate the company's stake in properties such as Planet Hollywood, Bally's Las Vegas, the new Horseshoe Casino in Baltimore, and its Internet gaming businesses with its flagship Caesars Palace property in Las Vegas.