Judge Makes Big Decision In Caesars BankruptcyCaesars Entertainment Can Be Sued By Creditors |
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Caesars Entertainment may join its operating unit, Caesars Entertainment Operating Co., in bankruptcy after a federal judge in Chicago ruled that the former can be on the hook for $11 billion in creditor lawsuits. The bankruptcy process occurring in the Windy City was originally seen as a win for the company.
According to reporting from Reuters, the hedge funds allege that Caesars guaranteed its operating unit’s debts.
The operating unit has overall debt of $18 billion.
Caesars wanted to put the aforementioned lawsuits on hold. The company’s stock fell by more than 50 percent after the news on Wednesday. It’s currently trading at around $5 a share.
Caesars Interactive Entertainment, the parent company’s online gaming arm, owns the World Series of Poker and its branded online poker site, Slotomania, CaesarsBingo.com, among other assets, according to its website. CIE also owns Caesars Palace Las Vegas, the parent company’s flagship casino. Earlier this year, Caesars sold its stake in Ohio casinos.
As of early this month, Caesars has a new CEO.
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