With another reshuffling of assets among its subsidiaries, few are coming to praise Caesars Entertainment Corp., though none are ready to bury it either. The casino operator’s latest move has intensified speculation about a distressed exchange.

The company recently disclosed that one of its operating subsidiaries, Caesar’s Entertainment Operating Corp. (COEC) is selling $2.2 billion in assets to Caesar’s Growth Company, a joint venture between the parent company and an entity controlled by its private equity shareholders.

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