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Caesars Entertainment creates REIT spinoff

by Andrea Waitrovich

Caesars Entertainment Operating Co. will emerge from its $18 billion bankruptcy case by separating virtually all of its U.S.-based real property assets from its gaming operations.

Caesars Entertainment will continue to own and manage the gaming operations. The real property assets will be held in a newly created REIT owned by certain of CEOC's creditors. Caesars Entertainment will not own any equity interest in the REIT. In addition, in connection with CEOC's emergence from bankruptcy, Caesars Entertainment and Caesars Acquisition Co. must complete their previously announced merger.

Caesars Entertainment Operating Co., a wholly owned subsidiary of Caesars Entertainment Corp., operates two casinos in the state of Illinois and two in Indiana. Eighteen properties belonging to CEOC were included in the chapter 11 filing. The company operates 47 casinos in all.

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