In the red: Caesars files for bankruptcy with debts of $18bn

A subsidiary of U.S. casino firm Caesars has filed for bankruptcy protection with debts of $18.4bn. Caesars Entertainment Operating Company, which owns and operates most of Caesars’ properties worldwide, said it intended to keep the casino-hotels running, despite the bankruptcy filing in Chicago. It was reportedly made to stop three creditors trying to push the firm into involuntary bankruptcy.

All properties are continuing to host meetings and events and provide the facilities, amenities and experiences that guests enjoy.

Company statement

It had been negotiating with creditors and lenders on a reorganisation plan that would turn the division into a real estate investment trust - one to own properties and the other to lease properties - promising creditors cash or new debt. Caesars, which has lost money each year for the last five years, slashed its global workforce by 1% last year and closed properties in cities throughout the world.

Caesars Business