• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • 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
  • South Korea extends travel restrictions on China arrivals
    South Korea extends travel restrictions...

    Jan 30, 2023  

  • R&F Korea to ask extra 12mths to launch casino scheme
    R&F Korea to ask extra 12mths to...

    Jan 30, 2023  

More news
  • Junket boss Levo Chan heard okaying illicit bets: court
    Junket boss Levo Chan heard okaying...

    Jan 30, 2023  

  • Macau visitor momentum kept for post CNY weekend
    Macau visitor momentum kept for post...

    Jan 30, 2023  


Latest News

Junket boss Levo Chan heard okaying illicit bets: court

Junket boss Levo Chan heard okaying illicit bets: court

Jan 30, 2023  

A Macau court was offered evidence on Monday, including of recordings from police-wiretapped telephone conversation, that the prosecution says proves the direct involvement of Levo Chan Weng Lin...
Read More
Macau visitor momentum kept for post CNY weekend

Macau visitor momentum kept for post CNY weekend

Jan 30, 2023  

South Korea extends travel restrictions on China arrivals

South Korea extends travel restrictions on China arrivals

Jan 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


451,047

Aggregate number of visitors to Macau during the Chinese New Year holiday period



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Almost half million visitors to Macau for 7 days of CNY holsAlmost half million visitors to Macau for 7 days of CNY hols January 30, 2023
  • Macau visitor momentum kept for post CNY weekendMacau visitor momentum kept for post CNY weekend January 30, 2023
  • G2E Asia in-person for Macau in 2023, first time since 2019G2E Asia in-person for Macau in 2023, first time since 2019 January 27, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us