Starwood Hotels in Talks to Sell Gaming Unit

Upscale resort operator Starwood Hotels & Resorts Worldwide Inc. confirmed it is in talks to sell its gaming business, including the Caesars casino line. It did not disclose details of the negotiations, including the other party or the potential price tag on any deal. Last week, shares of Starwood and casino giant Park Place Entertainment Corp. rose on rumors that Park Place would acquire an interest in Starwood. Reports of the talks surfaced in January. Estimates of a sale price ranged from about $2.5 billion to $3 billion, market sources said, noting that Caesars is worth about $3 billion. Shares of Starwood, which owns 700 hotels in 72 countries, lost 25 cents to close at $32, and Park Place shares closed at $8.56, down 19 cents, both on the NYSE.