The Nevada Gaming Commission has approved the world’s largest land-based gaming firm, Caesars Entertainment Corporation, plan to establish the Caesars Growth Partners LLC venture.

Las Vegas-based Caesars Entertainment revealed in April that majority shareholders Apollo Management LP and TPG Capital LP each intend to contribute $250 million towards the new enterprise, which is to be headed by Mitch Garber, Chief Executive Officer for Caesars Interactive Entertainment Incorporated.

The trio of companies will then hold a 70% share in Caesars Growth Partners and control of the Caesars Interactive Entertainment subsidiary, Planet Hollywood Resort and Casino in Las Vegas, interests in a casino under development in Baltimore and a financial stake in the management fee stream for both properties.

Finally, Caesars Growth Partners is also due to receive approximately $1.1bn in senior notes issued by Caesars Entertainment Operating Company Incorporated and held by a subsidiary in exchange for non-voting membership interests.

Michael Cohen, deputy general counsel for Caesars Entertainment, stated that the establishment of Caesars Growth Partners was more of a transaction to increase financing and growth rather than a traditional spin-off with the parent able to re-absorb the businesses after five years.

Read more about the Nevada Gaming Commission approval at iGaming Business.