fbpx
x

The latest industry news to your inbox.

    

I'd like to hear about marketing opportunities

    

I accept IQ Magazine's Terms and Conditions and Privacy Policy

news

CEOC set to emerge from bankruptcy

A Chicago court has approved plans for Caesars Entertainment's main operating company to exit chapter-11 bankruptcy protection

By IQ on 18 Jan 2017

Celine Dion, Colosseum, Caesars Palace, Las Vegas, Jimmy Baikovicius

Celine Dion performs at the the 4,298-cap. Colosseum at Caesars Palace


image © Jimmy Baikovicius

American venue giant Caesars, which operates 47 casinos in five countries, has been given the go-ahead for its main operating unit to emerge from bankruptcy after two years in administration.

Caesars Entertainment Operating Co. Inc. (CEOC) is expected to emerge from chapter-11 bankruptcy protection later this year – with US$10 billion shaved off its $18bn debt burden – following the approval of its reorganisation plan yesterday by the bankruptcy court of northern Illinois.

Under the plan – which still requires the approval of gambling regulators – CEOC will separate its gambling operations and US property assets, with parent company Caesars Entertainment continuing to own and manage the the former and a newly created ‘real estate investment trust’ (REIT), owned by certain creditors, taking over the latter.

“While there is still much work ahead to complete this process, we are excited about the future of the Caesars enterprise”

“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,” says group CEO and president Mark Frissora. “Upon CEOC’s emergence, we will be positioned to strengthen our financial and operational performance by pursuing new opportunities to invest in and expand our brands and business. While there is still much work ahead to complete this process, we are excited about the future of the Caesars enterprise.”

Many CEOC casinos also double as live entertainment venues, with its flagship venue, Caesars Palace in Las Vegas, hosting residencies by Celine Dion, Elton John and Rod Stewart this spring.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

FOLLOW IQ