Casino Commission green lights Caesars bankruptcy plan
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.
As part of the restructuring announced in 2015, the company would divide 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.
“We have heard today that upon implementation of the reorganization plan, the Caesars entities will have USD 16 billion less debt and USD 807 million less in annual interest and lease payments,” said Matthew B. Levinson, chairman and CEO of the commission, according to a report published by the Press of Atlantic City.
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