Caesars Entertainment Gets Approval For Exiting Bankruptcy

Caesars Entertainment Operating CorpCaesars Entertainment Corp which is a casino operator in Las Vegas has put an end to its long and lengthy battle of $18 billion bankruptcy that was going on for 2 years.

Caesars Entertainment Operating Co. Inc. which is the main subsidiary of this casino has received court’s approval which will result in removing a debt worth $10 billion from its accounting books.

This will also lead to the separation between its United States gambling asset and property asset. It is likely that the company will get over its bankruptcy by the end of this year.

Mark Frissora who is the Chief Executive Officer and President of Caesars Entertainment Group has made the following statement in a press meeting recently:

Upon CEOC’s emergence, we will be positioned to strengthen our financial and operational performance by pursuing new opportunities to invest in and expand our brands and business. While there is still much work ahead to complete this process, we are excited about the future of the Caesars enterprise.

KTNV Channel 13 Las Vegas

Under the new reorganisation plan, the casino operator which was found after the buyout of Harrah’s will be merging with Caesars Acquisition Co which is another subsidiary of the company. This, in turn, will consolidate all the casinos and different hotels under one roof. The analysts of the company are of the opinion that with this, the company will have debt leverage on the higher side as compared to other casinos but it will be placed in a better way and will attract the new generation of customers.

John DeCree who is a gaming union analyst has pointed out that the company has been a pioneer in attracting customers. But he further pointed that it would be a big challenge for the company to bring the new structure in order. The reorganisation plan will come into effect once it gets approval from the court and all the financial arrangements are completed.

It is said that in order to come out of bankruptcy, the company has proposed a deal worth $5 billion.  The reorganisation plan has got the approval and nod from the US Trustee that acts as a bankruptcy regulator. Benjamin Goldgar who is a US Bankruptcy Judge has said that it is a monumental achievement for the company.

TPG Capital Management LP and Apollo Global Management that are private equity firms will have a share of 16 percent in the newly formed entity and it would be controlled by the creditors. There will be no shares of the company in the real estate investment trust that holds its property assets.

There are 50 casinos under Caesars Entertainment Corp running across 5 countries and 13 states in the USA. The casino resorts work under the brand names of Caesars, Harrah’s and Horseshoe. There are approximately 60,000 people employed in the company.

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