Caesars reveals refinancing agreement
The company announced its plan to create New Caesars.
US.- Caesars Entertainment revealed the details of a refinancing plan that would finally put them on a new debt footing with its creditors. This way, the company would path the way towards the creation of New Caesars.
New Caesars would start its operations with credit facilities of US$1.44 billion. “The proceeds from the Term Facility will be used to finance transactions in accordance with the Debtors’ plan of reorganisation, including to repay existing indebtedness and to pay related fees and expenses,” said a statement from the company. Last month, Caesars Entertainment Operating Company’s (CEOC) bankruptcy plan was approved by the US Bankruptcy Court for the Northern District of Illinois, which establishes the virtual separation between the gaming management of the company from the real property assets.
The company also revealed its fourth quarter and full year financial results, where they reported US$949 million of revenue, almost a billion and a half less than what Fact Set had predicted. President and Chief Executive Officer of Caesars Entertainment Mark Frissora, said: “Caesars Entertainment delivered a second consecutive year of solid operational improvement and margin expansion driven by strong performance in Las Vegas, our largest market, and continued productivity improvements. We also generated record full year cash hotel revenues as we renovated over 8,000 rooms domestically since 2014.”
