{"id":50207,"date":"2017-05-12T11:00:43","date_gmt":"2017-05-12T18:00:43","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=50207"},"modified":"2017-05-12T12:47:21","modified_gmt":"2017-05-12T19:47:21","slug":"caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan\/","title":{"rendered":"Caesars Regains Footing in Atlantic City with Approval of Debt Restructuring Plan"},"content":{"rendered":"

The New Jersey Casino Control Commission (CCC) has approved a plan by Caesars to restructure its debt by outsourcing casino operations in two of its three Atlantic City resort properties.<\/p>\n

\"Bally's
Caesars seems to be on the rebound after approval in New Jersey to outsource casino operations at its Bally’s and Caesars properties on the Atlantic City Boardwalk. (Image: Bally’s)<\/figcaption><\/figure>\n

Under the arrangement, the Caesars Entertainment Operating Company will essentially split its resorts into\u00a0two units. Day-to-day operations of the Caesars and Bally’s casino resorts in\u00a0Atlantic City will be run\u00a0by a newly formed management company, while the properties will still be owned by Caesars, through the company’s real estate investment trust.<\/p>\n

The restructuring is part of Caesars’ emergence from Chapter 11 bankruptcy<\/a>. The real estate group\u00a0will lease the properties to a casino management firm, though both will legally still be under the same corporate umbrella.<\/p>\n

\n

“It is my hope that when the reorganization process is complete, Caesars and Bally’s will be able to focus on growing their business just like other operators in New Jersey,” CCC Chairman Matthew Levinson explained. “After a decade of decline, Atlantic City’s casino industry is turning around.”<\/p>\n<\/blockquote>\n

Harrah’s, Caesars’ third and only other property in Atlantic City, won’t be impacted by the reorganization.<\/p>\n

Should Revel Owner Be Miffed?<\/h2>\n

The CCC’s decision to approve Caesars’ restructuring might\u00a0receive harsh criticism from TEN owner Glenn Straub<\/a>. The Florida-based real estate developer purchased the shuttered $2.4 billion Revel in April of 2015 for the deeply discounted price of $82 million.<\/p>\n

Over the last two years, however, Straub has engaged in a bitter war with local and state officials. He’s repeatedly tried to reopen the resort, but has continually encountered regulatory obstacles.<\/p>\n

“Instead of creating roadblock after roadblock, the agency should be doing everything in its power to facilitate getting this casino opened,” Straub attorney David Stefankiewicz said in April.<\/p>\n

\n

In Straub’s latest beef with\u00a0Atlantic City, he contends he shouldn’t have to obtain a casino permit from the New Jersey Division of Gaming Enforcement (DGE), because he plans on leasing the gaming floor to a third-party operator that is already licensed.<\/p>\n<\/div>\n

In CCC’s approval this week for Caesars, it seems to do allowing the casino corporation to do what they have not allowed for Straub.\u00a0The two Boardwalk properties will be owned\u00a0by a trust that leases the resorts’ gaming\u00a0back to Caesars’ licensed division. The trust, however, will be created without a permit from the DGE, perhaps because Caesars executives have already undergone heavy vetting to receive licenses.<\/p>\n

Levinson explained that while the real estate group within Caesars won’t need to obtain a full casino license, it will be required to receive a Casino Service Industry License.<\/p>\n

Hail Caesars<\/b><\/h2>\n

It’s been more than two years since Caesars first filed for Chapter 11 bankruptcy protection in January 2015 and spit its assets from its liabilities. CEOC assumed upwards of $18 billion in debt, while Caesars Entertainment Corp moved forward with strong performing holdings.<\/p>\n

There’s Caesars Entertainment Corporation, Caesars Entertainment Operating Company, Caesars Entertainment Resort Properties, Caesars Interactive Entertainment, Caesars Growth Partners, Caesars Acquisition Company, and perhaps others we couldn’t dig up, that all played a role in the complex bankruptcy proceedings.<\/strong><\/p>\n

Debt collectors unsuccessfully challenged Caesars’ actions\u00a0in court. Fast-forward nearly 30 months, and the parent company\u00a0is emerging from fiscal ruin and regaining some semblance of stability.<\/p>\n

Caesars Entertainment Corporation, traded on NASDAQ, is currently at about $11 per share. That’s up nearly 130 percent from mid-July 2015 when lawsuits related to Caesars’ bankruptcy began and, with the stock price wallowing below $5, CEO Mark Frissora\u00a0took the casino behemoth’s helm.<\/p>\n","protected":false},"excerpt":{"rendered":"

The New Jersey Casino Control Commission (CCC) has approved a plan by Caesars to restructure its debt by outsourcing casino operations in two of its three Atlantic City resort properties. Under the arrangement, the Caesars Entertainment Operating Company will essentially split its resorts into\u00a0two units. Day-to-day operations of the Caesars and Bally’s casino resorts in\u00a0Atlantic […]<\/p>\n","protected":false},"author":42,"featured_media":50264,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nCaesars Regains Footing in Atlantic City with Regulator Approval of Debt Restructuring Plan<\/title>\n<meta name=\"description\" content=\"The Caesars restructuring plan has been approved by the New Jersey Casino Control Commission, and that might not sit well with the new owner of the Revel.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars Regains Footing in Atlantic City with Regulator Approval of Debt Restructuring Plan\" \/>\n<meta property=\"og:description\" content=\"The Caesars restructuring plan has been approved by the New Jersey Casino Control Commission, and that might not sit well with the new owner of the Revel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-12T18:00:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-05-12T19:47:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/05\/c700x420.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"420\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan\/\",\"url\":\"https:\/\/www.casino.org\/news\/caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan\/\",\"name\":\"Caesars Regains Footing in Atlantic City with Regulator Approval of Debt Restructuring Plan\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/05\/c700x420.jpg\",\"datePublished\":\"2017-05-12T18:00:43+00:00\",\"dateModified\":\"2017-05-12T19:47:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"The Caesars restructuring plan has been approved by the New Jersey Casino Control Commission, and that might not sit well with the new owner of the Revel.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regains-footing-in-atlantic-city-with-regulator-approval-of-debt-restructuring-plan\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/05\/c700x420.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/05\/c700x420.jpg\",\"width\":700,\"height\":420,\"caption\":\"Caesars seems to be on the rebound after approval in New Jersey to outsource casino operations at its Bally's and Caesars properties on the Atlantic City Boardwalk. 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