Caesars Entertainment unit files for Chapter 11 bankruptcy
Caesars Palace Hotel and Casino
New York - AFP
The main operating unit of troubled US casino giant Caesars Entertainment -- owners of the famed Caesars Palace in Las Vegas -- said it was filing for Chapter 11 bankruptcy protection.
Caesars Entertainment Operating Company said the move was part of a restructuring plan aimed at strengthening its financial position and slashing debt, but that all its properties would remain open for business.
Caesars employs about 68,000 people in casinos and resorts in the United States and worldwide and generated $8.56 billion in revenue in 2013, according to its website, but has lost money for the past five years.
CEOC said in a statement that under the restructuring plan it aimed to reduce debt by about $10 billion, slashing annual interest payments by about 75 percent to $450 million.j
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