Caesars wins key approvals, moves close to bankruptcy exit

Updated September 27, 2017 - 7:34 pm

Gaming regulators in Louisiana and Missouri have granted the licenses and regulatory approvals necessary for the restructuring of Caesars Entertainment and Caesars Entertainment Operating Co., company officials said Wednesday.

The approvals in those two states were the last major hurdles for Caesars to clear to exit Chapter 11 bankruptcy protection. The company expects to be operating under the restructured corporate governance in early October.

The company won its final approvals in Nevada in August.

Caesars filed for Chapter 11 bankruptcy protection in January 2015, and after two years of contentious negotiations among creditors, U.S. Bankruptcy Judge Benjamin Goldgar of the Northern District of Illinois in Chicago approved the company’s bankruptcy plan in January 2017.

Company shareholders overwhelmingly approved a merger of Caesars Entertainment in two separate votes in July.

Caesars operates under the Harrah’s and Horseshoe brands in Louisiana and has a casino in New Orleans as well as the Horseshoe and the Louisiana Downs racetrack and casino in Bossier City.

In Missouri, the company operates the Harrah’s North Kansas City riverboat casino.

The company and its portfolio of subsidiaries operates 47 casinos in 13 U.S. states and five countries.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

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