Caesars Entertainment is one step closer to emerging from Chapter 11 bankruptcy, with shareholders on Tuesday voting to form a new company.
Caesars Entertainment and Caesars Acquisition shareholders met in Las Vegas this week to expedite a post-bankruptcy strategy and divide the corporation’s gaming operations from its real estate holdings.
According to the Las Vegas Review-Journal, Caesars Entertainment and Caesars Acquisition have now approved a merger that, pending regulatory approvals, will form a newly created company that will be called Caesars Entertainment Operating.
The company said 87.8% of Caesars Entertainment’s shares cast affirmative votes, while 95.2% of Caesars Acquisition’s shares voted in favour of the merger.
“Receipt of these stockholder approvals is an important milestone to complete the merger of Caesars Entertainment and Caesars Acquisition and conclude the restructuring of Caesars Entertainment Operating,” said Mark Frissora, President and CEO of Caesars Entertainment in an emailed statement.
“The successful conclusion of the restructuring will create new opportunities for incremental investments in growth,” Frissora added. “We appreciate our stockholder’s support in voting to approve the merger.”
Company officials say they expect the company to emerge from bankruptcy in early October.