Caesars Entertainment Corp. said last week that it will spin off its interactive gaming business, Planet Hollywood and a planned casino in Baltimore into a separate company owned in part by the casino operator, the company’s stockholders and private equity firms Apollo and TPG.

Apollo Management and TPG Capital are expected to invest a combined $500 million in cash into Caesars Entertainment as part of the deal, which would create a “growth-oriented entity” controlled by Caesars Acquisition Co., a company created to facilitate the transaction.

Caesars Interactive CEO Mitch Garber will serve as CEO of the acquisition company and continue in his role with the interactive division, which owns the World Series of Poker.

In a statement, Caesars Entertainment, which has long-term debt of more than $20 billion, said the transaction would allow the company to fund growth opportunities in “a less levered and more flexible vehicle.”

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