Caesars expects casino unit to exit bankruptcy this week

The casino operator said that it expects its main operating unit to exit bankruptcy on Friday.

Caesars Entertainment Corp revealed earlier this week that it expected its biggest unit Caesars Entertainment Operating to exit bankruptcy on Friday. The process that is in its final stage started after the court received the final nod from gaming regulators in Missouri and Louisiana is set to create a new company structure.

“Caesars Entertainment has now received approvals from all necessary gaming authorities related to the restructuring of CEOC and its emergence from bankruptcy, as well as approval of the stockholders of both the company and Caesars Acquisition Co for the merger,” said the operator on Monday.

Moreover, the firm added that Caesars Entertainment and CEOC will continue working towards finalising certain financing activities and other transactions related to CEOC’s restructuring, and they anticipate being in position to complete the merger and restructuring of CEOC by Friday, October 6.

The plan establishes that Caesars Entertainment Operating Co will be split in two units, one that is set to manage the gaming operations and a real estate investment trust (REIT) that will own the territories where the facilities are locates. Moreover, Caesars Entertainment Corporation will merge with Caesars Acquisition Company, four years after the companies decided to part ways.