CHICAGO—Caesars Entertainment Corp. has reportedly filed for Chapter 11 bankruptcy protection for its main operating unit, Caesars Entertainment Operating Company.
The filing reportedly took place in a court here earlier this morning. According to the Wall Street Journal, the filing will leave it to a judge to settle the bitter dispute among the company’s creditors and the investment firms whose buyout left the unit with $18.4 billion in debt. The parent company has posted losses for each of the last four years, and its total liabilities have reached $28.2 billion.
According to the Associated Press, it is expected to be business as usual for the company, which drew up a restructuring plan with the help of its most senior creditors. Caesars Entertainment Operating Company owns, operates or manages 38 gambling and resort properties in 14 states and five countries, including Caesars Palace in Las Vegas.