Caesars Entertainment Operating Company (CEOC), a subsidiary of Caesars Entertainment that owns and operates many of the properties in the Caesars Entertainment network, has filed for reorganization voluntarily through Chapter 11 of the U.S. Bankruptcy Code.
CEOC revealed in a statement that it took this action with the support of certain bondholders to employ its previously announced restructuring plan; which it says, is intended to significantly reduce long-term debt and annual interest payments, while providing significant recoveries for creditors and ensuring that the company’s network of properties avoid interruptions.
All Caesars Entertainment properties, including those owned by CEOC, are reportedly open for business and operating in their ordinary manner. Caesars Entertainment, Caesars Entertainment Resort Properties and Caesars Growth Partners, which are separate entities with independent debt capital structures, have not filed Chapter 11 petitions.
CEOC’s casino-hotels included in the filing are listed below, with Caesars Palace being the only Las Vegas venue appearing on the list:
- Bally’s Atlantic City;
- Caesars Atlantic City;
- Caesars Palace Las Vegas;
- Harveys Lake Tahoe;
- Harrah’s Lake Tahoe;
- Harrah’s Reno;
- Harrah’s North Kansas City;
- Harrah’s Joliet;
- Harrah’s Metropolis;
- Harrah’s Council Bluffs;
- Horseshoe Council Bluffs;
- Horseshoe Hammond;
- Horseshoe Southern Indiana;
- Horseshoe Tunica;
- Tunica Roadhouse;
- Harrah’s Gulf Coast;
- Horseshoe Bossier City; and
- Louisiana Downs.
Gary Loveman, the chairman, CEO and president of CEOC, emphasized numerous times in a video statement that Caesars’ many properties remain open for business, in addition to providing more details on the bankruptcy.
“Meetings and events scheduled at properties across the network will be held without interruption,” Loveman remarked during the course of the release.
The full video release can be viewed here; Meetings Focus will provide any major updates and further details as they become available.
