Casino Control Commission approves Caesars restructuring plan

Jersey’s Casino Control Commission (CCC) approved a plan Wednesday that would allow Caesars Entertainment to lease operations of their properties.

According to Press of Atlantic City, the plan comes as part of Caesars’ Chapter 11 bankruptcy reorganisation, where Caesars will split the company into a real estate trust and an operating company.

Under the new plan, the real estate company would then lease operations to a newly created company.

CCC Chairman and CEO, Matthew B. Levinson, said: “After a decade of decline, Atlantic City’s casino industry is turning around. 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.

“The reorganisation plan was hammered out through a very contentious Chapter 11 bankruptcy process,” Levinson added. “Before it becomes effective, the plan needs a variety of approvals from this commission as well as from the division (of Gaming Enforcement).”

As part of the agreement, the new real estate trust will not be required to have a full casino license. Instead, the entity will need to apply for a Casino Service Industry License.