The years-long bankruptcy of one of the largest casino companies in the world is almost complete, following a federal court’s approval back in January.
Caesars Entertainment and Caesars Entertainment Operating Company (CEOC) announced Wednesday that gaming regulators in Louisiana and Missouri have granted the necessary licenses and regulatory approvals required for the reorganization of CEOC.
The bankruptcy case of CEOC involved $18 billion worth of debt. Under the plan, CEOC sheds $10 billion of the debt. The Las Vegas-based Caesars said earlier this year that is is now a “stronger company” with “a plan for growth and investment.”
According to a press release, the companies have now received approvals from all necessary gaming authorities for CEOC’s restructuring and for the merger of Caesars Acquisition Company (CAC) with the parent company. Regulators have also signed off in Illinois, Indiana, Iowa, Maryland, Mississippi, Nevada, New Jersey and Pennsylvania.
The merger is still subject to customary closing conditions. Caesars Entertainment said that it anticipates completing the merger and CEOC’s restructuring in early October.
Caesars is the owner of the famed World Series of Poker.
Content credit: Card Player