Caesars files for bankruptcy protection

Caesars Entertainment’s main operating unit filed for bankruptcy protection this week, as the company moves ahead with a previously-announced restructuring plan.

Caesars Entertainment Operating Company announced that it had voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code, a move which the company said received overwhelming support from investors and is intended to ‘significantly reduce long-term debt and annual interest payments.’

According to a statement by Caesars, all of the company’s properties remain open and continue to operate normally, including the hosting of meetings and events; performances at Caesars venues will also go ahead as scheduled, the company added.

Caesars Entertainment, Caesars Entertainment Resort Properties and Caesars Growth Partners, which are separate entities with independent capital structures, have not filed for bankruptcy relief, said the release from Caesars.

Under the terms of the proposed restructuring, CEOC will divide its U.S.-based gaming operating assets and real property assets into two companies: an operating entity and a publicly-traded real estate investment trust that will directly or indirectly own a newly formed property company.

The restructuring will reduce debt by an estimated $10 billion, said Caesars.