A little over a month after getting consent for its restructuring plan from officials in Nevada and American casino operator Caesars Entertainment Operating Company Incorporated has now reportedly received similar approvals from regulators in Missouri and Louisiana.
According to a report from the Las Vegas Review-Journal newspaper, the endorsements represent the last major hurdles for Caesars Entertainment Operating Company Incorporated’s plan and it now hopes to begin nationwide operations under the restructured set-up in the next few weeks.
Caesars Entertainment Operating Company Incorporated is the casino operating arm of Caesars Entertainment Corporation and filed for Chapter 11 bankruptcy protections in January of 2015 with long-term debts of around $18.4 billion. After multiple lawsuits, the matter was finally settled in January after Las Vegas-based Caesars Entertainment Corporation agreed an arrangement that will see it shed liabilities of approximately $10 billion in exchange for merging with its Caesars Acquisition Company subsidiary and separating its United States property assets from its gaming operations.
The Las Vegas Review-Journal reported that Caesars Entertainment Operating Company Incorporated is responsible for running some 47 commercial and aboriginal casinos in 13 states including Missouri’s Harrah’s North Kansas City riverboat venue along with Harrah’s New Orleans, Horseshoe Bossier City and Harrah’s Louisiana Downs in Louisiana. The operator had already purportedly obtained analogous consents for its restructuring from officials in New Jersey, Illinois, Pennsylvania, Maryland, Iowa and Mississippi after gaining approval from 80% of its shareholders in 2015.
Upon completion of the restructuring, the newspaper reported that Caesars Entertainment Operating Company Incorporated will continue to run its parent’s casinos while all property assets held by Caesars Entertainment Corporation are to be controlled by a real estate investment trust managed by major creditors.