Shares of the largest owner of casinos in the U.S, Caesars Entertainment, increased 12.8 per cent after offering $1.2 billion in stock in a new company that will provide more gaming opportunities to the business.

The Las Vegas-based company has stated that a new venture will be created where investors will own along with the company. Shareholders will receive a non-transferrable right to purchase shares of Caesars Acquisition Co. at $9.43 each.

The new venture between Caesars Entertainment and Caesars Acquisition,  Ceasars Growth Partners, will center on creating or purchasing assests that supply “interactive technology with well-known online brands.”