Caesars Entertainment Divests Itself of Online Gambling Division

In a perfect world all things invested in pay off, sometimes in the short run, sometimes in the long run but on occasion in a not so perfect world not at all.

It was revealed recently that the huge gambling company Caesars Entertainment divested itself of an unverified percentage of its relatively new interactive division for almost $61 million dollars. Its partner in two casinos in Ohio USA Rock Gaming is said to have acquired as much as 50 percent of the Interactive subsidiary of Caesars Entertainment. The Securities and Exchange Commission was informed that more than 12,300 shares of Caesars Interactive were purchased with the outstanding shares to be picked up by the second of July 2012. Caesar Internet gaming businesses are present mostly in Europe with the World Series of Poker as one of its main products. Caesars Interactive is located in Montreal Canada and is run by veteran online gambling executive Mitch Garber. Rock Gaming has the option to buy an additional 3,140 shares for $19.2 million by Nov. 15, 2012 it was revealed during the filing.

Caesars Entertainment executives are remaining mum about the reasoning behind the sale of its interactive division. The company buying into the interactive gaming segment Rock Gaming is run by the founder of Quicken Loans and owner of the National Basketball Association's Cleveland Cavaliers, Dan Gilbert. Caesars and Rock are partners in two Ohio casino projects in Cleveland and Cincinnati. Caesars Entertainment has a20 percent stake in the two projects. The Horseshoe Casino Cleveland, opening soon, will be managed by Caesars. The Horseshoe Casino Cincinnati, is expected to open to the public in 2013. The two firms have also filed an application for a gaming license in Maryland to operate an exclusively slot machine casino in Baltimore. Interactive wagering may be good for some investors but not so good it seems for large and in charge Caesars Entertainment.