Caesars Entertainment Files for Chapter 11 Bankruptcy Protection

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Caesars-Entertainment-CorporationBurdened with debt, Caesars Entertainment has filed for bankruptcy protection in the hopes of getting out from $18 billion of debt. Caesars owns and operates more than 50 casino properties worldwide.

Caesars’ management announced that the casino-hotels would remain open for business, continue to host meetings and events, and assured customers that their loyalty points Total Rewards would continue to accrue and be honored.

“I am very confident in the future prospects of our enterprise, which will combine an improved capital structure with a network of profitable properties,” said Caesars CEO Gary Loveman, in a statement.

Caesars owns some of the most iconic gaming properties including Caesars Palace, Bally’s, Harrah’s Planet Hollywood. Caesars also own the Rio Casino where the World Series of Poker takes place every year.

More than 30,000 people work at Caesars.

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