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I couldn't get tables or diagrams to paste so I uploaded a more complete file to Dropbox.
CACQ is a very compelling, misunderstood, special situation investment which offers ~10-50% upside (The write-up was started when there was more upside).
Recent Legalization of Online Gaming in NJ & NV Should Allow CACQ to Generate ~$200 million of Additional Revenue
CACQ will own 42.4% of Caesars Growth Partners (“CGP”). The remainder will be owned by CZR.
Caesars Growth Partners (CGP) has a76% ownership interest in Caesar’s online gaming assets, which should generate annual revenues of ~$200 million to ~$800 million
CGP also has Planet Hollywood LV and the Horseshoe Baltimore, two premier properties from Caesar’s portfolio
CGP is a growth vehicle. As such it will start off with a net cash position and will focus on opportunities that will allow top line growth (new casinos in attractive markets)
Harrah’s has the largest domestic gaming database in the US. Ability to leverage this database with online gaming operations will be a significant asset
CZR has the right to repurchase shares in CACQ at $17 per share, capping the upside.
I believe CACQ’s equity is worth at least $12.50 to $17.00 per share
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