Caesars close to exiting bankruptcy
Caesars Entertainment is close to putting an end to its bankruptcy as it only needs approval from Missouri and Louisiana regulators.
US.- Caesars Entertainment Corp’s two and a half year long bankruptcy is coming to an end after Nevada regulators gave it green light just like shareholders already have done in July. Now, the two remaining obstacles in order to make it happen are the approval by both Missouri and Louisiana regulators.
As reported by Casino News Daily, the company clarified before the Nevada Gaming Comission that it’ll exit bankruptcy by merging with its main operating unit, Caesars Entertainment Operating Co. (CEOC), with the latter actually being the entity that needs to emerge from bankruptcy. That would mean that the company will divide its US real estate property from its gaming properties and, whilst it will continue to run its gaming operations, its real estate assets will be controlled by a real estate investment trust, managed by major Caesars creditors.
The operator currently controls three gambling properties in Louisiana and one in Missouri, and will now expect to get their own regulators approval in order to proceed with the bankruptcy-ending process. In order to get it, Caesars representatives are set to meet with officials from both regulators and might be emerging from bankruptcy by October.
