Caesars Entertainment Corp (NASDAQ:CZR) has announced that the company’s main operating unit would emerge from a costly and long bankruptcy by October 6. This will result in a new structure being created for the organization that owns such brands as Horseshoe, Caesars and Harrah’s.
In a statement that was released on Monday Caesars revealed that shareholders as well as gaming authorities had given their approval allowing Caesars Entertainment Operating Co to be restructured. The organization filed for bankruptcy protection two years ago. In the reorganization efforts, Caesar’s Entertainment, which resulted from the acquisition of Harrah’s in 2008 will merge with Caesar’s Acquisition Co, another subsidiary. The restructuring and the merge will however be subject to particular real estate and financing transactions, a couple of third party and internal transfers as well as other closing conditions.
Las Vegas Massacre
Caesars’ properties are situated opposite Sunday’s night scene of the shooting by the lone gunman who shot and killed 59 people who were attending a country music festival. Though a spokesperson did not say whether the shooting incident would have an impact on the company’s plans to emerge from the bankruptcy, an investor webcast was cancelled.
The webcast was set to occur at the same time as a gaming trade show, G2E, which was set to be held in Las Vegas. Approximately 26,000 visitors were expected to attend the annual event. Though the event would go on as planned, G2E, revealed that security and safety measures were being taken very seriously in light of the deadly mass shooting that just took place.
Investor presentation
According to a spokesperson for Caesars, the investor presentation will take place in the coming week or the week after.
“Our hearts are broken for the many victims who were injured or lost their lives tonight in this unconscionable attack,” Caesars tweeted.
The bitter bankruptcy will bring to an end fight that pitted deep-pocketed and aggressive creditors against the private equity sponsors of the casino group such as TPG Capital Management and Apollo Global Management.
In the pre-market trading hours shares of Caesars Entertainment Corp stood at $13.35.