Caesars bankrupt division reports $29.1 million profit in July
Caesars Entertainment Corp. said Tuesday its bankrupt operating division turned a profit of $29.1 million in July, according to a securities filing.
Caesars Entertainment Operating Co., which filed for Chapter 11 bankruptcy in January, said its net revenue in the month was $343 million. The division controls Caesars Place, Caesars Atlantic City, Harrah's Reno and more than a dozen regional casinos.
Because of the bankruptcy filing in Chicago, Caesars is required to file monthly operating results with the court and the Securities and Exchange Commission. In the filing, Caesars says the results are "unaudited" and "are not necessarily indicative of results that may be expected from any other period or for the full year."
Caesars is asking the court to convert CEOC into a real estate investment trust that would create two companies; one that owns the casinos and a management company that operates the resorts. Caesars has said the reorganization would remove almost $10 billion of CEOC's $18.6 billion of long term debt. Caesars Entertainment has a gaming industry-high $22.6 billion in long term debt.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find @howardstutz on Twitter.
