With another reshuffling of assets among its subsidiaries, few are coming to praise Caesars Entertainment Corp. (Nasdaq: CZR), 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, Caesars Entertainment Operating Corp. (COEC), is selling $2.2 billion in assets to Caesars Growth Company, a joint venture between the parent company and an entity backed by private equity. Separately, an affiliate of Caesars Entertainment that is acquiring four casino properties from the parent firm is currently shopping a $1.18 billion first-lien term loan to help finance the purchase, sources say.

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