Caesars Entertainment, Golden Entertainment get approval for corporate restructure

The State Gaming Control Board of Nevada has approved the tentative proposals of two gaming companies Las Vegas – namely Caesars Entertainment Corp., and Golden Entertainment Inc. –to amend their corporate structures. The corporate restructure would enable them to streamline operations and refinance interest expenses.

In separate actions, the board unanimously recommended amended orders of registration for Caesars Entertainment Corp., and Golden Entertainment Inc.

The Nevada Gaming Commission will consider final approval of the recommendations on July 26.

Corporations are required to explain new shelf registrations to the board, which also gives regulators the opportunity to receive updates on their properties when they modify their licenses.

Officials with Caesars, which exited Chapter 11 bankruptcy protection last fall, told regulators they’d save $160 million annually in interest expenses and would simplify the company’s ownership structure with the applications recommended for approval.

The company is in the midst of a series of room renovations occurring over several years across the Strip and later this year will break ground on a new convention facility east of The Linq Hotel.

Golden, which closed on its acquisition of American Casino and Entertainment Properties for $850 million in October, is seeking an amended order of registration to streamline its operation of the Stratosphere, Arizona Charlies’ properties in Aquarius in Laughlin.

The applications recommended for approval also adds the licensing of Vice President and Treasurer Charles Protell along with Golden executives that already had been licensed.

Source: reviewjournal.com