Caesars Entertainment Corp., largest owner of casinos in the U.S., will sell four properties to an affiliate for $2.2 billion, freeing up cash as the company works to restructure $24.5 billion in debt.

Caesars is selling the Bally’s, Quad and Cromwell casino- hotels in Las Vegas, as well as Harrah’s New Orleans, to the affiliate, Caesars Growth Partners LLC, according to a statement today. The transaction leaves Caesars Entertainment Operating Co., the company’s largest subsidiary, with more than $3 billion in cash, some of which will be used to reduce debt.

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