ATLANTIC CITY — The ongoing legal issues surrounding Caesars Entertainment Corp. should not have an impact on the day–to-day operation of its three properties in the resort, said a financial analyst.
On Friday, a bankruptcy judge ruled that the Nevada-based gaming company must face lawsuits from bondholders seeking approximately $11 billion in claims.
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The company, which filed for Chapter 11 protection in January 2015, was asking for the court to prevent the lawsuits. Caesars has warned that the suits could force bankruptcy upon the company.
“The proprieties will continue to operate as normal,” said Alex Bumazhny, an analyst Fitch Ratings. “The future of casinos in North Jersey casinos is a much bigger concern than who owns them.”
The company owns Bally’s Atlantic City, Harrah’s Atlantic City, and Caesar’s Atlantic City.
“Who owns the property is not really going to influence the operations,” Bumazhny said.
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Caesars owns and operates 50 casino hotels in five countries and employs 68,000 people.
“Because deadlines, not uncertainty alone, spur settlement, the debtors will not be granted injunctive relief through confirmation,” according to Bankruptcy Judge A. Benjamin Goldgar ruling. “To encourage the debtors and the CEC to make good use of that 74-day period, they are warned that the likely hood any further injunctive relief will be granted is small.”