Caesars Anti-Bankruptcy Merger Approved by Shareholders
Caesars Entertainment Corp. and Caesars Acquisition Company have announced that their proposed merger has been approved by shareholders. The move will assist Caesars’ main operating unit to get out of bankruptcy at some point in the near future.
For the merger to officially go through, a number of regulatory bodies still have to give the go-ahead. Caesars President and CEO Mark Frissora released an official statement that said shareholder approval was a massive step towards the completion of the deal as well as the reorganization of Caesars Entertainment Operating Co.
Caesars filed for Chapter 11 bankruptcy protection back in January of 2015 and it took nearly two years for Caesars to have its restructuring plan approved by Northern District of Illinois Judge Benjamin Goldgar. The new plan dictates that Caesars will have to split its gaming business from its real property assets. Caesars Entertainment will continue to run the casino but other assets will be controlled by a real estate investment trust.
Frissora said Tuesday that the expectation is that Caesars Entertainment will be free of bankruptcy by October, assuming all necessary approvals are granted.
The New Jersey Casino Control Commission earlier this month approved the Caesars reorganization plan. Caesars owns three casino resorts in the Atlantic City area, which is the only area in the state in which land-based casino gambling has been legalized.
Caesars Looks to Expand
Frissora has stated previously that once Caesars is beyond bankruptcy, the corporation will turn its attention to expanding beyond markets in which it is already established. It also plans to develop on a piece of undeveloped land currently owned on the Las Vegas Strip.
Caesars has also expressed interest in entering the gaming markets of South Korea, Brazil, and Japan. It was also revealed recently that Caesars is one of three bidders currently in the market for the chance to take over three state-run properties around Toronto, Ontario.
The Ontario Lottery and Gaming Corporation, which currently owns the aforementioned facilities, recently announced a call for bids for the venues as they try to garner investment from private casino operators. The Ontario Lottery and Gaming Corp. believes that third-party investors should be able to help get the venues back off the ground. Caesars is currently competing with Malaysian casino resorts operator Genting Group as well as Brookfield Asset Management, which is based in Canada
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