Exterior of Caesars' Missouri Avenue and the Boardwalk entrance. 

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

The commission approved the reorganization plan, as well as the issuance of casino licenses for the newly formed company. 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.

“We have heard today that upon implementation of the reorganization plan, the Caesars entities will have $16 billion less debt and $807 million less in annual interest and lease payments,” said Matthew B. Levinson, chairman and CEO of the commission. “That alone significantly improves the financial condition of Caesars entities.”

In January 2015, Caesars Entertainment Operating Co. filed for Chapter 11. The complex reorganization plan was first approved by U.S. Bankruptcy Court on Jan. 17, 2017.

Levinson said he is guardedly optimistic that Caesars will successfully emerge from bankruptcy and grow its Atlantic City gaming operations.

Contact: 609-272-7046 Twitter @acpresshuba

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.

PLEASE BE ADVISED: Soon we will no longer integrate with Facebook for story comments. The commenting option is not going away, however, readers will need to register for a FREE site account to continue sharing their thoughts and feedback on stories. If you already have an account (i.e. current subscribers, posting in obituary guestbooks, for submitting community events), you may use that login, otherwise, you will be prompted to create a new account.

Load comments