Exterior of Caesars' Missouri Avenue and the Boardwalk entrance. 

ATLANTIC CITY — The state Casino Control Commission approved a plan Wednesday that would allow Caesars Entertainment Operating Co., which owns Bally’s and Caesars Atlantic City, to lease operations of their properties to a newly formed operating company as part of a Chapter 11 bankruptcy reorganization.

As part of the reorganization, Caesars split the company into a real estate trust and an operating company. Under the plan, the real estate company would then lease operations to a newly created company.

“After a decade of decline, Atlantic City’s casino industry is turning around,” said Matthew B. Levinson, chairman and CEO of the commission. “It is my hope 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.”

Latest Video

In January 2015, Caesars Entertainment Operating Co. filed for Chapter 11.

Road Trip! - The Atlantic City Story Episode #14

“The reorganization plan was hammered out through a very contentious Chapter 11 bankruptcy process,” Levinson said. “Before it becomes effective, the plan needs a variety of approvals from this commission as well as from the division (of Gaming Enforcement).”

As part of the agreement, the new real estate trust will not be required to need a full casino license but will instead need to apply for a Casino Service Industry License.

“The goal, as far as we are concerned, is to have strong, financially stable casinos,” Levinson said.

Contact: 609-272-7046 Twitter @acpresshuba

Started working in newsrooms when I was 17 years old. Spent 15 years working for Gannett New Jersey before coming to The Press of Atlantic City in April 2015.

Recommended for you

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.