Caesars enters bankruptcy
The division, Caesars Entertainment Operating Co., owns and operates most of Caesars' 50 properties worldwide.
Caesars CEO Gary Loveman said in a statement to announce the filing that its casino-hotels would remain open and continue to host meetings and events, assuring customers that their loyalty points would still accrue and the company's lineup of on-stage entertainers would keep performing according to their schedules. Company officials say they intend to continue paying its suppliers in full.
"I am very confident in the future prospects of our enterprise, which will combine an improved capital structure with a network of profitable properties," Loveman said in the statement.
The bankruptcy filing doesn't apply to parent company Caesars Entertainment Corp. and affiliated companies Caesars Growth Partners and Caesars Entertainment Resort Properties.
About 30,000 people are employed at Caesars Entertainment Operating Co.'s 38 casino-hotels, including Bally's and Caesars in Atlantic City and the iconic Caesars Palace on the Las Vegas Strip.
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