Ceasars casinos under chapter 11 restructuring
Las Vegas – 26 September 2016
Caesars Entertainment Corporation (CZR) and Caesars Entertainment Operating Company (CEOC) and its Chapter 11 debtor subsidiaries announced that there are ongoing discussions among Caesars Entertainment, the Debtors and all of CEOC’s major creditor constituencies to reach an agreement on a consensual debt restructuring.
Caesars Entertainment and CEOC made significant progress towards reaching an agreement with all parties on the material economics of the restructuring in advance of the Friday, September 23 deadline. Caesars Entertainment and CEOC are working vigorously and collaboratively with the parties on the details and documentation. Although there can be no assurance, Caesars Entertainment and CEOC remain optimistic that an agreement will be reached to permit Caesars Entertainment to continue to support CEOC’s plan in conjunction with consensus among CEOC’s major creditor constituencies.
Since its beginning in Reno, Nevada, 75 years ago, CEC has grown through development of new resorts, expansions and acquisitions and its portfolio of subsidiaries now operate 47 casinos in 13 U.S. states and five countries. The Company’s resorts operate primarily under the Caesars, Harrah’s and Horseshoe brand names. CEC’s portfolio also includes the London Clubs International family of casinos.