The New Jersey Casino Control Commission authorised the reorganisation plan for Caesars that will now lease operations of their properties.
US.- Caesars Entertainment Operating Co. (owner of Bally’s and Caesars Atlantic City) is going through a bankruptcy reorganisation and has just moved forward a little bit more after the state’s Casino Control Commission (CCC) approved a plan that allow it to lease their properties to a recently formed operating company. The company has split itself into a real estate trust and an operating company as part of its restructuring plan.
CCC chairman and CEO Matthew B. Levinson celebrated that “after a decade of decline, Atlantic City’s casino industry is turning around”. He also added that he hopes that “when the reorganization process is complete, Caesars and Bally’s will be able to focus on growing their business just like other operators in New Jersey.”
Levinson explained that “the reorganization plan was hammered out through a very contentious Chapter 11 bankruptcy process” and added: “Before it becomes effective, the plan needs a variety of approvals from this commission as well as from the division of Gaming Enforcement.”
Caesar’s real estate trust won’t need a full casino license but will apply fro a Casino Service Industry instead, as part of the agreement.