Despite bankruptcy Caesars division turns a profit in October
The group reported its monthly revenues to the bankruptcy court.
US.- Even though Caesars is in Chapter 11 bankruptcy, the operating report for October shows that Caesars Entertainment made a profit of US$23.1 million for the month on revenues of US$321.7 million. However, the gaming company explained that the financial statement was unaudited, prepared only to comply with the reporting requirements of the bankruptcy court.
The group is required to file monthly revenue reports due to its bankruptcy, and in those documents the company stated that it hold assets of US $11.5 billion and debts for US$19.7 billion. Moreover, Caesars has asked the court to get authorization to transform the division into a real estate investment trust, so the US$10 billion of debt would be wiped out.
In total, Caesars has a long term debt of $22.6 billion, and the smaller creditors are against this plea, afraid that they won’t meet their claims if the court rules in favour of the gaming group.
