Caesars Entertainment emerges from bankruptcy post merger - Betting News | Sports News | Casinos News | Gaming Reviews

Caesars Entertainment emerges from bankruptcy post merger

American casino giant Caesars Entertainment Operating Company Incorporated has emerged from bankruptcy after completing a complicated restructuring plan that saw it shed approximately $10 billion in overall liabilities. Caesars Entertainment Operating Company Corporation is the casino-operating subordinate of Las Vegas-based Caesars Entertainment Corporation and filed for Chapter 11 bankruptcy protections in January of 2015 with long-term debts of around $18.4 billion. Following multiple investor lawsuits, the firm’s future was finally secured in January after its parent agreed to merge with its Caesars Acquisition Company subsidiary and separate its United States property assets from its gaming operations.

Mark Frissora, President and Chief Executive Officer for Caesars Entertainment Corporation, stated that the restructuring has left his firm with an ‘expected enterprise value’ of around $20 billion and that the company is now ‘positioned with a solid foundation to pursue a diversified growth strategy’ thanks to increased cash flows, reduced leverage and a new real estate investment trust structure. Caesars Entertainment Operating Company Incorporated is responsible for 47 commercial and aboriginal casinos across the United States including Caesars Atlantic City, Harrah’s Las Vegas and Bally’s Atlantic City. The successful completion of its restructuring plan had been dependent on the receipt of approvals from several state gaming regulators including those of Nevada, New Jersey, Louisiana and Missouri.

Frissora proclaimed that the enterprise had ‘invested significantly to upgrade and renovate its facilities’ during the restructuring with total capital expenditure from 2015 to 2017 ‘expected to exceed’ $1.5 billion. “We are also executing hundreds of initiatives to generate incremental revenues as well as to enhance operational efficiency, guest experiences and employee engagement through technology-driven innovation and process improvement,” said Frissora. As part of the restructure, Caesars Entertainment Corporation explained that it has moreover hired experienced executive James Hunt to serve as its Chairman while appointing a new board of directors that consists of Frissora alongside John Dionne, John Boushy, Matthew Ferko, David Sambur, Thomas Benninger, Don Kornstein, Richard Schifter, Christopher Williams and Marilyn Spiegel.

Hunt, who served as Chief Financial Officer and Executive Vice-President for Walt Disney Parks and Resorts Worldwide from 2003 to 2012, declared that it was an ‘honor’ to serve as Chairman for Caesars Entertainment Corporation and that he is ‘committed to working tirelessly’ in order to ‘drive long-term value creation’.

Popular News

images
Pep Guardiola Officially Coaches Manchester City Until 2027
22 November 2024
Manchester City has officially announced that they have extended the contract of...
065558900_1732053795-20241119AA_Indonesia_vs_Arab_Saudi__60_of_110_
Rizky Ridho Listed in Best World Cup Qualifiers Team with Marselino Ferdinan
21 November 2024
Marselino Ferdinan and Rizky Ridho entered the best team of the sixth matchday of...
5
Indonesia's 2-0 Victory Over Saudi Arabia of the 2026 World Cup Qualifications
20 November 2024
Marselino Ferdinan's two goals ensured Indonesia's 2-0 victory over Saudi Arabia...
image-18
Cam Thomas Available for Trade Block in NBA
20 November 2024
The Brooklyn Nets have put Cam Thomas on the trade block, according to Sam Amick...
Share on facebook
Facebook
Share on twitter
Twitter

SHARE THIS ARTICLE WITH FRIENDS

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on google
Google+

Leave a Comment

Your email address will not be published.