CEOC granted regulatory approvals to implement restructuring

Jun 16, 2017 8:53 AM

Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc. (CEOC) announced Thursday that the Pennsylvania Gaming Control Board and the Iowa Racing and Gaming Commission both have granted the necessary regulatory approvals required in those states to implement the restructuring of Caesars Entertainment Operating Company.

Caesars Entertainment and CEOC continue to engage with regulators in jurisdictions where approvals are required for certain aspects of CEOC's restructuring. The company is expected to emerge from its more than two-year bankruptcy sometime in the third quarter this year.

In addition to Pennsylvania and Iowa, Caesars Entertainment and CEOC have received approvals from gaming authorities in Maryland, Mississippi and Illinois, and await approvals required in New Jersey.

CEOC's restructuring plan is also subject to the completion of the merger of Caesars Acquisition Company with and into Caesars Entertainment, certain financing activities, and other customary closing conditions.