SBC News Voice of the Sports Betting Industry
New Jersey’s Casino Control Commission has this week approved the restructuring proposal of Caesars Entertainment Operating Co (CEOC) unit presented under the bankruptcy plan of Caesars Entertainment.
The plan will allow CEOC operated assets/properties to be placed under a newly-formed operating company in accordance with US Chapter 11 bankruptcy laws.
Once the new company is formed, Caesars Entertainment governance will split the assets into a real estate trust and a new operating unit. The New Jersey Commission will allow for the issuance of new licenses for the company.
The decision brings Caesars Entertainment closer to finalising its complex bankruptcy case, which the company entered in 2015 in order to restructure its near $20 billion of debt.
“We have heard today that upon implementation of the reorganisation plan, the Caesars entities will have $16bn less debt and $807m less in annual interest and lease payment,” said Matthew B. Levinson, Chairman and CEO of the commission.
Updating investors, Mark Frissora CEO of Caesars Entertainment Corporation (CEC), detailed that he believed his company would close all bankruptcy by September. Frissora stated that CEC would enter a new chapter in its history, acting as a separate enterprise following the group’s bankruptcy restructuring.
