Casino operator Caesars Entertainment Corporation (CEC) is close to waking up from its long national restructuring nightmare after clearing its final regulatory hurdles.
On Tuesday, CEC announced that the court-approved restructuring plan of its bankrupt main unit Caesars Entertainment Operating Co (CEOC) had received thumbs-up from gaming regulators in Louisiana and Missouri.
When the Illinois bankruptcy court approved the CEOC restructuring plan in January, it did so with the proviso that gaming regulators in each state in which CEOC did business would also give the plan their blessing. The Louisiana and Missouri approvals mark the two final stops on CEOC’s restructuring tour, which included visits to eight other US states.
CEC plans to split CEOC into two units: one to manage its gaming operations, and a real estate investment trust (REIT) to own the land on which these casinos sit. Meanwhile, CEC plans to merge with Caesars Acquisition Company (CAC), reversing the process that saw the two companies split in two in 2013.