Why Caesars Acquisition (CACQ) Stock Is Higher This Afternoon

NEW YORK (TheStreet) --Shares of Caesars Acquisition Co. (CACQ) are higher by 2.64% to $12.42 in mid-afternoon trading on Monday after the company announced a proposed $880 million casino resort in Woodbury, NY.

Through its subsidiary, Caesars Growth Partners, Caesars Acquisition submitted a gaming license application to the New York State Gaming Facility Location Board this afternoon.

The resort would be located 50 miles from New York City and is expected to attract over 10 million visitors each year.

Must Read: Warren Buffett's 25 Favorite Stocks


The company said the project will benefit New York State, Orange County, and Woodbury with its anticipated $230 million in annual tax revenue, with $29 million annually going toward the local community, and $10 million to Orange County.

CACQ Chart CACQ data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Video: You Could Live in a Ritz-Carlton or St. Regis Home

Video: You Could Live in a Ritz-Carlton or St. Regis Home