Caesars Makes Move To Restructure $18.4B DebtCaesars Entertainment To Merge With Affiliate |
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One Monday, it was announced that Caesars Entertainment Corporation (CZR) and the offshoot Caesars Acquisition Company would be merging to form one company.
The merged company will operate Caesars Palace and own 11 properties in Las Vegas. It will also own Caesars Interactive Entertainment (which includes the World Series of Poker), Harrah’s New Orleans, Harrah’s Atlantic City, Harrah’s Laughlin and Caesars Acquisition’s current equity interest in Horseshoe Baltimore.
The move is part of a broader plan to reduce Caesars debt, which is at $18.4 billion.
“The successful completion of the merger will position the merged company to support the restructuring of [Caesars Entertainment Operating Company] without the need for any significant outside financing,” a press release said.
“The merger of Caesars Entertainment and Caesars Acquisition solidifies our focus on owning assets in destination and high-growth markets and businesses, while maintaining the benefits of operating our network and the Total Rewards loyalty program,” said Gary Loveman, Chairman and Chief Executive Officer of Caesars Entertainment. “Upon completion of the merger and restructuring, Caesars Entertainment Corp. entities will be financially strong, with significantly reduced leverage and a much simpler and straightforward corporate structure.”
The merged company will continue to be controlled by affiliates of Apollo Global Management and TPG Capital, the press release added. The merged company will conduct business as Caesars Entertainment and continue to trade on the NASDAQ under the ticker CZR.
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