Ceasars Recommended For Online License, Supervalu Nears Cerberus Deal: Consumer Business Update
On Wednesday the online Division of Caesars Entertainment (NASDAQ:CZR) of Las Vegas was recommended for licensure as an online intrastate poker operator in Nevada, as the State Gaming Control Board voted to recommend a license to the Nevada Gaming Commission. A license could be issued to Caesars as soon as late December.
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Supervalu (NYSE:SVU) is nearing a deal to divest its retail chains like Albertsons and Save-A-Lot to Cerberus Capital Management, subsequent to discussions on a full takeover stalling out, said knowledgeable sources. Selling off the chains would afford Supervalu cash with which to pay down a portion of its more than $6 billion in debt, along with permitting it to concentrate on divesting or restructuring its nine other chains. For three consecutive years, sales at Supervalu have fallen, and are projected to slide a further 4.4 percent to $34.5 billion in its fiscal 2013, according to Bloomberg data. The grocer has recently reduced prices at some of its chains to compete with big-box retailers such as Wal-Mart Stores (NYSE:WMT) and Target Corporation (NYSE:TGT).
In a press release on Wednesday, the board of directors of Dick’s Sporting Goods (NYSE:DKS) announced a special cash dividend of $2 per share on the company’s common stock and Class B common stock, payable on December 28th, to stockholders of record at the close on December 17th.
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