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Hedge Fund HG Vora Builds Caesars Stake, to Push for Divestiture or Sale

(Reuters) Hedge fund HG Vora Capital Management LLC has built a 4.9 percent stake in U.S. casino operator Caesars Entertainment Corp (CZR.O), seeking to persuade it to explore options that could include divestitures or an outright sale of the company, people familiar with the matter said on Wednesday. Caesars, whose casinos include the Caesars, Harrah’s and Horseshoe brands, emerged from bankruptcy last year after failing to cope with some $25 billion in debt. The debt was the legacy of a leveraged buyout in 2008 led by private equity firms Apollo Global Management LLC (APO.N) and TPG Global, which remain collectively the company’s biggest minority shareholders.

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