\nCaesars Acquisition Co. (CACQ), the spinoff from Caesars Entertainment Corp. (CZR) that gives investors a separate stake in the parent company\u2019s online gambling business, rose in the first day of trading.<\/p>\n
\tCaesars Entertainment, the largest owner of casinos in the U.S., offered shareholders the right to buy stock in the subsidiary for $8.64 a share to bolster its balance sheet and highlight what the company sees as growth businesses. Caesars Acquisition distributed 135.7 million shares to investors, raising $1.17 billion, according to a statement yesterday.<\/p>\n
\tThe shares, listed on the Nasdaq Stock Market under the symbol CACQ, closed at $11.05 in New York, giving the company a market value of about $1.5 billion. The shares opened for trading at $11.90.<\/p>\n
\tCaesars Acquisition owns a 42 percent interest in Caesars Growth Partners, an entity that owns the Planet Hollywood Casino in Las Vegas, a new casino under construction in Baltimore and most of Caesars Interactive, the company\u2019s online gambling unit. Caesars Entertainment retains the rest.<\/p>\n
\tThe private-equity firms Apollo Global Management LLC (APO) and TPG Capital acquired Caesars in a $30.7 billion leveraged buyout in 2008. The firms, which have been restructuring Las Vegas-based Caesars\u2019 debts since then, committed $600 million to Caesars Acquisition, the company said.<\/p>\n
\tCaesars Entertainment, owner of the namesake casino on the Las Vegas Strip, fell 3.6 percent to $18.52 in New York. The stock had almost tripled this year as of yesterday.<\/p>\n