Casino Control Commission gave the green light
New Jersey approves Caesars restructuring plan
The meausure would allow Caesars Entertainment- which owns Bally’s and Caesars Atlantic City- to lease operations of their properties to a newly formed operating company as part of a Chapter 11 bankruptcy reorganization.
2017-05-11
Reading time 43 seg
The meausure would allow Caesars Entertainment- which owns Bally’s and Caesars Atlantic City- to lease operations of their properties to a newly formed operating company as part of a Chapter 11 bankruptcy reorganization.
As part of the agreement, the new real estate trust will not be required to need a full casino license but will instead need to apply for a Casino Service Industry License.
“After a decade of decline, Atlantic City’s casino industry is turning around,” said Matthew B. Levinson, chairman and CEO of the commission.
““It is my hope that when the reorganization process is complete, Caesars and Bally’s will be able to focus on growing their business just like other operators in New Jersey.
”
“The reorganization plan was hammered out through a very contentious Chapter 11 bankruptcy process,” Levinson said. “Before it becomes effective, the plan needs a variety of approvals from this commission as well as from the division (of Gaming Enforcement).”
““The goal, as far as we are concerned, is to have strong, financially stable casinos, Levinson said.
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