Earlier today, Caesars Entertainment Operating Company, which is a subsidiary of popular casino operator Caesars Entertainment Corporation, filed a petition for restructuring under Chapter 11 of the U.S. Bankruptcy Code.
However, it was announced that Horseshoe Casino Cincinnati, ThistleDown Racino, Horseshoe Casino Cleveland, as well as a few other properties around the country, were not included in the bankruptcy petition. A spokesperson for the company stated that these particular venues, as well as all properties that are operated by Caesars, are currently open for visitors.
Caesars Entertainment Operating Company submitted a list of all properties that are to be included in the filing. Caesars Atlantic City and Caesars Palace Las Vegas, two of the company’s most iconic venues, were also mentioned in this list. As stated above, the Ohio-based gambling venues and a few others were part of another list of properties that are excluded from the petition for Chapter 11 protection.
The casino operator released a special statement on the matter. It pointed out that its venues are open and operating as usual. What is more, visitors’ experience will by no means be affected by the current situation. They will be treated with the special attention they are used to and all services and amenities the company traditionally offers will be available.
As for its Total Rewards program, Caesars promised that no changes will take place. Total Rewards is a special casino rewards program that is oriented towards loyal customers. It is credit-based and visitors can accumulate credits by taking advantage of slots, table games, and poker, if offered. What is more, they can be amassed at any or almost any of the venues that are operated by Caesars.
On Monday, some of Caesars’ creditors filed their own version of a bankruptcy plan in a Delaware court. According to them, the company had moved millions of dollars and assets from Caesars Entertainment Operating Company to other business entities and thus, its subsidiary was left with a “massive debt” that could not be paid. The creditors claimed that the casino operator’s filing should be halted as soon as it is submitted. Kevin Gross, the Delaware judge that is in charge of the case, stated that he would take into consideration the creditors’ request.
Caesars attorneys pointed out that debtors and stakeholders have been trying to prepare themselves for the reorganization and the creditors’ actions might wreak unnecessary havoc on the process.
Yesterday, Caesars Entertainment’s shares on the NASDAQ Stock Market rose by 0.08 cents to reach $12.71 by the end of the day. They have plummeted more than 45% during the past year and according gaming experts and analysts, 2015 is going to be a tough one for the company.
