• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Caesars OpCo on way to ending bankruptcy: parent

Jan 18, 2017 Newsdesk Latest News, Top of the deck, World  


Caesars OpCo on way to ending bankruptcy: parent

U.S.-based casino business Caesars Entertainment Operating Company Inc (CEOC) is on the path to concluding its reorganisation under Chapter 11 of the U.S. Bankruptcy Code with the agreement of creditors, the parent Caesars Entertainment Corp said in a Tuesday filing.

“The U.S. Bankruptcy Court for the Northern District of Illinois has confirmed the debtors’ plan of reorganisation, paving the way to conclude CEOC’s court-supervised restructuring process in 2017,” stated the filing to Nasdaq.

It added this also established a route whereby the U.S.-based gaming venues run by the operating company can be put into a newly-created real estate investment trust – also known as a REIT – to be owned by some of the operating entity’s creditors.

“Caesars Entertainment [Corp] will not own any equity interest in the REIT. In addition, in connection with CEOC’s emergence, Caesars Entertainment and Caesars Acquisition Co [Inc] must complete their previously announced merger,” added the filing.

Caesars Acquisition Company was formed to make an equity investment in Caesars Growth Partners LLC, which in turn was set up to acquire and develop operating assets in online gaming and land-based casinos. Caesars Growth Partners’ assets include Caesars Interactive Entertainment, offering social and mobile games; the World Series of Poker brand; and the Planet Hollywood casino hotel in Las Vegas, Nevada.

CEOC – which runs some of the group’s most profitable venues including flagship properties in Las Vegas – requested reorganisation under Chapter 11 from a court in Chicago, Illinois in January 2015, with a US$18 billion debt load. It was part of a plan to cut group debt by approximately US$10 billion.

“The new Caesars will be a stronger company with a healthy balance sheet, a plan for growth and investment, operating discipline and a relentless focus on employee and customer satisfaction,” said the group’s president and chief executive, Mark Frissora, in a statement contained in Tuesday’s filing.

The Caesars group has an interest in a foreigner-only casino project slated for Incheon, South Korea. Hong Kong-listed real estate developer Lippo Ltd, one of the partners in a consortium for that scheme, confirmed in a filing in early December that it was still negotiating the disposal of its stake in the venture.

The reorganisation plan for the Caesars operating entity remains subject to obtaining gaming regulatory approvals; the completion of the merger of Caesars Acquisition with the parent; “certain financing transactions”, and various other closing conditions, said Tuesday’s filing.


  • tweet
Related articles
  • Kangwon licence extension to come with tax rejig: JP Morgan
    Kangwon licence extension to come with...

    Feb 24, 2021  

  • S. Korea 2020 casino bet turnover dips 58pct to US$535mln
    S. Korea 2020 casino bet turnover dips...

    Feb 23, 2021  

More news
  • Galaxy Ent 4Q EBITDA up 207pct sequentially: firm
    Galaxy Ent 4Q EBITDA up 207pct...

    Feb 25, 2021  

  • Int Ent half-year loss up, mulls financing for Manila IR
    Int Ent half-year loss up, mulls...

    Feb 25, 2021  


Latest News

Galaxy Ent 4Q EBITDA up 207pct sequentially: firm

Galaxy Ent 4Q EBITDA up 207pct sequentially: firm

Feb 25, 2021  

Macau casino operator Galaxy Entertainment Group Ltd reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HKD1.0 billion (US$129.0 million) for...
Read More
Int Ent half-year loss up, mulls financing for Manila IR

Int Ent half-year loss up, mulls financing for Manila IR

Feb 25, 2021  

Kangwon licence extension to come with tax rejig: JP Morgan

Kangwon licence extension to come with tax rejig: JP Morgan

Feb 24, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$390.2 million

Net loss posted by Macau casino operator SJM Holdings for full-year 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • GEG in US$1.6bln construction deal on Galaxy Macau Phase 4GEG in US$1.6bln construction deal on Galaxy Macau Phase 4 February 22, 2021
  • Caesars out of Korea, ex-partner R&F asks 3yr delayCaesars out of Korea, ex-partner R&F asks 3yr delay February 19, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us