After years of speculation that Caesars and the London Clubs International brand could be sold off there is an opportunity for its employees to relax a little and breath a little sigh of relief. Nit completely out of the woods yet but very positive steps in the right direction
Caesars said in a statement on Monday it had received approval from shareholders and gaming authorities for the restructuring of CEOC, which filed for bankruptcy protection in January 2015.
As part of the reorganization plan, Caesars Entertainment – formed from the 2008 buyout of Harrah’s – will merge with another subsidiary, Caesars Acquisition Co.
That merger and the restructuring are still subject to certain financing and real estate transactions, various internal and third party transfers and other closing conditions, the company said in its statement.
Caesars plans to hold a webcast with investors at 4:30 p.m. Pacific Time.
The Caesars properties are located at the opposite end of the Las Vegas Strip where a lone gunman killed at least 50 people and injured more than 400 at a country music festival on Sunday from the 32nd floor of the Mandalay Bay.
UPDATE 1-Caesars cancels webcast after Vegas shooting, bankruptcy exit on track – Business Insider
UPDATE 1-Caesars cancels webcast after Vegas shooting, bankruptcy exit on track – Business Insider (Recasts with webcast cancellation) By Tracy Rucinski CHICAGO, Oct 2 (Reuters) – Caesars Entertainment Corp cancelled an investor webcast on Monday following a deadly mass shooting in U.S. casino hub Las Vegas, but a spokesman said its main operating unit’s emergence from a near three-year bankruptcy was still on track for this week. Earlier, Caesars said its unit, Caesars Entertainment Operating Co Inc (CEOC), was set to end a long and costly bankruptcy by Oct. 6 after receiving a series of approvals from gaming authorities and shareholders. The Caesars statement came hours after news that a lone gunman had fatally shot dozens of concertgoers in Las Vegas, where Caesars owns Caesars Palace and the Linq Hotel and Casino.
Caesars expects casino unit to exit bankruptcy by Oct 6
Caesars expects casino unit to exit bankruptcy by Oct 6 Oct 03, 2017 Newsdesk Latest News , Top of the deck , World U.S.-based casino group Caesars Entertainment Corp said on Monday it expects its main operating unit to exit bankruptcy this week, as part of a process that would create a new company structure. Caesars Entertainment Operating Co Inc – also known as CEOC – runs some of the brand’s most famous and biggest money-generating venues, including Caesars Palace in Las Vegas (pictured). “Caesars Entertainment has now received approvals from all necessary gaming authorities related to the restructuring of CEOC and its emergence from bankruptcy, as well as approval of the stockholders of both the company and Caesars Acquisition Co for the merger,” the casino operator said in Monday’s press release. “Caesars Entertainment and CEOC continue to work toward finalising certain financing activities and other transactions related to CEOC’s restructuring, and they anticipate being in position to complete the merger and restructuring of CEOC by Friday, October 6, 2017,” added the firm.
Casino Stocks and Firearm Shares React to Las Vegas Massacre
Casino Stocks and Firearm Shares React to Las Vegas Massacre News » Financial » Casino Stocks and Firearm Shares React to Las Vegas Massacre Casino Stocks and Firearm Shares React to Las Vegas Massacre October 03, 2017 By David Sheldon Las Vegas casino stocks faced a turbulent day of trading on Monday. The market reacted strongly after a 64-year-old killer opened fire late Sunday night in Las Vegas from a 32nd-floor suite at Mandalay Bay, aiming an automatic weapon onto 22,000 concertgoers attending an outdoor country music festival. The stock market reacted predictably to uncertainty facing the immediate future of gaming operations on the day after a Las Vegas shooter killed 59 concertgoers from his Mandalay Bay suite overlooking the heavily packed event. (Image: Getty) The massacre resulted in the loss of at least 59 lives, the deadliest mass shooting in modern American history, with over 500 more injured. And for a city that relies on tourism, with the gambling and resort industries at its core, Wall Street’s reaction to the tragedy was immediate and hard-hitting in and of itself. MGM Resorts , parent company to Mandalay Bay, saw its shares dip the furthest.