Caesars Makes Move To Restructure DebtCompany Has Industry-High $24.2 Billion In Debt |
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Nevada-based Caesars, owner of the World Series of Poker, made some moves this week to reduce its gaming industry-high $24.2 billion debt.
According to a press release:
Caesars Entertainment Corporation and its subsidiary Caesars Entertainment Operating Company, Inc. announced that they have executed non-disclosure agreements with certain beneficial holders (“First Lien Creditors”) of CEOC’s 11.25 percent senior secured notes due 2017, 8.5 percent senior secured notes due 2020 and 9 percent senior secured notes due 2020, clearing the path to commence formal discussions with the First Lien Creditors.
“We are committed to working constructively with creditors to deleverage CEOC and create a path toward a sustainable capital structure for CEOC that is in the best interest of all stakeholders,” Gary Loveman, Chairman and CEO of Caesars Entertainment and Chairman of CEOC, said in a statement posted to the company’s website.
The firm’s stock price has been falling since February. It’s now at under $13 a share.
According to the Las Vegas Review-Journal, Caesars, which operates more than 50 brick-and-mortar casinos in 13 U.S. states, has closed two casinos this year, the Showboat in Atlantic City and Harrah’s Tunica. Loveman reportedly said that the company has no immediate plans to close any other properties, despite Atlantic City’s fortunes still tumbling.
The firm did just open a casino in Baltimore.
Caesars hasn’t posted a profit since late 2009.
The seaside town could have just seven by year’s end.
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