Following on from the New Jersey Casino Control Commission (NJCCC) approving a plan in May that will see the Caesars Entertainment Operating Company lease operations of its two Atlantic City casinos to a subsidiary, the regulator has now approved the casino licences for each premises.
After a chapter 11 bankruptcy filing, Caesars has retained ownership of the Bally’s Atlantic City and Caesars Atlantic City venues during the reorganisation process, whilst operations are leased to a separate entity.
The NJCCC earlier determined that the subordinate body would not be required to hold a full NJ casino operating licence, and in positive news, has now granted it a Casino Service Industry Licence.
The restructuring, operation, and positive regulation of Caesar’s Atlantic City properties stands as testament to the wave of positivity sweeping through the city by the sea and reaffirms the willingness of local bodies to support the historic casino industry in the area.
“We have heard today that upon implementation of the reorganisation plan, the Caesars entities will have $16bn less debt and $807m less in annual interest and lease payments,” read a statement from Matthew Levinson, chairman and CEO for the NJCCC.
“That alone significantly improves the financial condition of Caesars’ entities.”
A statement from the company read: “Caesars Entertainment [Corporation] and Caesars Acquisition Company continue to engage with their respective regulators in jurisdictions where approvals are required for the merger and other aspects of Caesars Entertainment Operating Company Incorporated’s restructuring.”