Caesars Entertainment, Caesars Acquisition amend merger deal
By Tom Hals, Las Vegas Review-Journal
Caesars Entertainment Corp and Caesars Acquisition Co. have amended their proposed merger agreement, which is intertwined with the $18 billion bankruptcy of the casino company’s main operating unit, the companies said on Monday.
The operating unit, Caesars Entertainment Operating Co., or CEOC, received approval from a U.S. bankruptcy judge last month to begin seeking votes from creditors on its plan to restructure its debt and exit bankruptcy.
The bankruptcy plan would slash $10 billion of debt and split the CEOC unit into a new operating company and a real estate investment trust.
Caesars Entertainment is the parent company of Harrah’s Lake Tahoe and Harveys in Stateline.