The New Jersey Casino Control Commission has given a thumbs-up to a plan that would lease operations of Caesar Entertainment Operating Co.’s (CEOC) properties to a newly-formed operating company.

The Press of Atlantic reported that the state commission has approved the bankruptcy plan of Caesars Entertainment on Wednesday, including the issuance of a casino license for the newly formed company.

Before the New Jersey commission gave its approval, the plan was hammered out through a very contentious Chapter 11 bankruptcy process. It’s been over two years since CEOC filed for Chapter 11 bankruptcy protection.

The CEOC has earlier proposed to split the cash-strapped casino operator into two entities: a casino management firm and a real estate investment trust (REIT) to own the land on which CEOC’s casinos stand. The real estate company would then lease operations to a newly created company.