BILOXI, MS (WLOX) - A business alert that could affect the Mississippi Gulf Coast. After much speculation WLOX News has learned that a part of Caesars Entertainment has filed for bankruptcy.
Caesars Entertainment Operating Company announced Thursday morning it's filed for Chapter 11 bankruptcy protection. The filing is an effort to shed more than half of its over $18 billion debt. According to a Caesars Entertainment news release, the bankruptcy case will help Caesars "implement a restructuring plan to strengthen its financial position."
Harrah's Gulf Coast in Biloxi is owned by Caesars. A news release from the company sent Thursday morning says, "Harrah's Gulf Coast is open for business and all operations at the property continue as usual. Guests will continue to have the same great experience and receive the same great service they are accustomed to."
We've learned that Caesars has been negotiating with lenders and creditors for months now on a reorganization plan. That plan would turn the division into a real estate trust, one to own properties and the other to lease properties, promising creditors cash or new debt.
The division owns and operates most of the corporations 50 properties worldwide.
The operating division employs 36,000 people at 38 casinos. The company says in a news release it intends to keep them all up and running despite the bankruptcy filing.