{"id":60493,"date":"2017-10-09T18:46:36","date_gmt":"2017-10-10T01:46:36","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=60493"},"modified":"2017-10-09T18:46:36","modified_gmt":"2017-10-10T01:46:36","slug":"caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/","title":{"rendered":"Caesars Officially Emerges from Bankruptcy as Restructured Casino Giant, No Longer Broke"},"content":{"rendered":"

It\u2019s a wrap. Caesars\u2019 tortuous bankruptcy<\/a>, described by one of the casino group\u2019s own lawyers as the \u201clargest and most complex bankruptcy in a generation,\u201d is over and, frankly, few could have imagined it would all end so well.<\/p>\n

\"CEO
Thank Jupiter that\u2019s over. Caesars CEO Mark Frissora says his company has a market cap of $20 billion and, having completed its restructuring, is now well positioned to pursue growth strategies. (Image: Las Vegas Review-Journal)<\/figcaption><\/figure>\n

Over the past two and a half years, we\u2019ve had multi-billion-dollar lawsuits, bitter recriminations, stalling tactics and legal posturing. We\u2019ve had allegations of fraud and asset stripping. A former-Watergate prosecutor showed up at one point, whose task it was to follow the paper trail through a tangled web of Caesars subsidiaries by examining 80 million pages of documents.<\/p>\n

Meanwhile, a mediator resigned in disgust and a straight-talking judge demanded that some of the world\u2019s richest and most powerful private equity people must \u201cpony up the paper\u201d and air their bank statements in public.<\/p>\n

In frustration, the judge even suggested at point that \u201cliquidation would be a hoot.\u201d<\/p>\n

Dramatic Climbdown<\/h2>\n

But ultimately, we had a dramatic climb down from Caesars\u2019 private equity controlling owners, Apollo Global Management and TPG Capital, who agreed to sweeten the pot for Caesars debtors by ceding control of the reformed company on the condition it be released from allegations of asset stripping and possibly billions of dollars in legal claims.<\/p>\n

\n

From the wreckage of all this emerges a cleaner, leaner Caesars, with a completely new corporate structure and a reshuffled boardroom. It\u2019s sheared of tangled subsidiaries and it now even has market cap not far from its pre-recession value. \u00a0\u00a0<\/strong><\/p>\n<\/div>\n

As of Sunday, the group\u2019s distressed main operating unit, CEOC, has been spun off into a real-estate investment trust to control the group\u2019s properties, while parent company Caesars Entertainment (CEC) will merge with subsidiary, Caesars Acquisition Co (CACQ.O<\/a>).<\/p>\n

$20 Billion Market Cap<\/h2>\n

The restructuring will chop $10 billion off its $18 billion debt, thanks to creditors taking increased equity in the restructured company, as well a reluctant $6 billion cash injection<\/a> into the restructuring from Apollo and TPG.<\/p>\n

\u201cThe conclusion of CEOC’s restructuring leaves Caesars Entertainment with an expected enterprise value of approximately\u00a0$20 billion\u00a0based on yesterday’s closing prices,\u201d said Caesars CEO Mark Frissora. \u201cWith reduced leverage, increased free cash flow and the new REIT structure, we are positioned with a solid foundation to pursue a diversified growth strategy.”<\/p><\/blockquote>\n

Caesars acquired its industry high-debt when it was bought out in a highly leveraged takeover by Apollo and TPG for $31 billion in 2008, at the onset of the financial crisis. It was subsequently saddled with $2 billion in interest payments every year and has failed to be profitable ever since.<\/p>\n

\u201cThe newly restructured Caesars Entertainment is positioned to further invest in its growth strategy and realize the benefits of a simpler and less leveraged capital structure,\u201d the company said.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s a wrap. Caesars\u2019 tortuous bankruptcy, described by one of the casino group\u2019s own lawyers as the \u201clargest and most complex bankruptcy in a generation,\u201d is over and, frankly, few could have imagined it would all end so well. Over the past two and a half years, we\u2019ve had multi-billion-dollar lawsuits, bitter recriminations, stalling tactics […]<\/p>\n","protected":false},"author":42,"featured_media":60494,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\nCaesars Officially Emerges from Bankruptcy as Restructured Casino Giant<\/title>\n<meta name=\"description\" content=\"Bankruptcy proceedings are officially over for Caesars, as the casino giant merges with its own subsidiary to create a leaner, less leveraged company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars Officially Emerges from Bankruptcy as Restructured Casino Giant\" \/>\n<meta property=\"og:description\" content=\"Bankruptcy proceedings are officially over for Caesars, as the casino giant merges with its own subsidiary to create a leaner, less leveraged company.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/\" \/>\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=\"2017-10-10T01:46:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/caesars-ceo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"514\" \/>\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=\"2 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-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/\",\"url\":\"https:\/\/www.casino.org\/news\/caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/\",\"name\":\"Caesars Officially Emerges from Bankruptcy as Restructured Casino Giant\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/caesars-ceo.jpg\",\"datePublished\":\"2017-10-10T01:46:36+00:00\",\"dateModified\":\"2017-10-10T01:46:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Bankruptcy proceedings are officially over for Caesars, as the casino giant merges with its own subsidiary to create a leaner, less leveraged company.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-officially-emerges-from-bankruptcy-as-restructured-casino-giant\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/caesars-ceo.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/caesars-ceo.jpg\",\"width\":640,\"height\":514,\"caption\":\"Thank Jupiter that\u2019s over. 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