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Caesars Soars as Gambling in Las Vegas Registers 13% Increase

Feb. 8 (Bloomberg) -- Caesars Entertainment Corp., the largest owner of U.S. casinos, rose the most since its first day of trading a year ago after Nevada reported gambling on the Las Vegas Strip soared 13 percent in December.

Caesars, controlled by Apollo Global Management LLC and TPG Capital LP, leapt 24 percent to $12.47 at 12:03 p.m. in New York after gaining as much as 35 percent. That was the best intraday advance since the Las Vegas-based company almost doubled on Feb. 8, 2012.

The shares are up more than 60 percent this week. They rose 19 percent yesterday after New Jersey Governor Chris Christie said he’s willing to allow a 10-year trial period of online gambling in Atlantic City, where Caesars has four casinos. The stock jumped 12 percent on Feb. 4, when the company said it may raise money by selling a stake in its online operation and two other properties.

Gambling on the Las Vegas Strip, where the company operates Caesars Palace, Harrah’s and other properties, increased 13 percent in December to $588.2 million, the Nevada Gaming Control Board said today in a statement. That marked an acceleration from previous months, with revenue from July to year-end advancing 5.1 percent, the agency said.

The company went public last year by selling 2.1 million shares at $9 each, according to data compiled by Bloomberg.

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