The New Jersey casino commission has given the OK to the bankruptcy plan of Caesars Entertainment's largest business unit that operates two Atlantic City casinos.
Caesars Entertainment Operating Co., which owns casinos Caesars and Bally's in the Shore town, in early 2015 filed for Chapter 11 bankruptcy to restructure its finances.
The restructuring would significantly reduce long-term debt and annual interest payments — a move that could potentially benefit Caesars and Bally's since less debt meant more money allocated toward refreshing the casino floor and marketing efforts.
The New Jersey Casino Control Commission on Tuesday approved the plan that would lease operations of Caesar Entertainment Operating Co.'s properties to a newly-formed operating company, The Press of Atlantic City reports.
As part of the restructuring announced in 2015, the company would shake up its corporate structure by separating its gaming facilities and real property assets into two companies: An operating entity and a newly formed, publicly-traded real estate investment trust.
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