American casino giant Caesars Entertainment Corporation has reportedly revealed that it is hoping to develop more than 90 acres of land it owns in Las Vegas after its troubled operating subsidiary emerges from bankruptcy later in the year.
According to a report from the Bloomberg news service, the revelation came from Mark Frissora, Chief Executive Officer for Las Vegas-based Caesars Entertainment Corporation, and follows the firm recently winning approval from authorities in New Jersey for the plan to bring its Caesars Entertainment Operating Company Incorporated subordinate out of bankruptcy.
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“We have a lot of real estate that is underutilized,” Frissora told the news service on Thursday. “We have plans to basically develop all of that very valuable center-strip property as soon as we emerge. Those assets will have a very high-return [and] low-risk profile.”
Bloomberg reported that Caesars Entertainment Corporation, which is one of the largest casinos firms in the United States thanks to a portfolio of over 30 venues, has been struggling under a mountain of debt since its $30 billion leveraged buyout in 2008. It filed for Chapter 11 bankruptcy protections for its Caesars Entertainment Operating Company Incorporated subsidiary in January of 2015 due to the arm holding long-term debts of around $18.4 billion but agreed a deal four months ago that will see its subordinate emerge from insolvency and shed approximately $10 billion in liabilities.
Frissora reportedly explained that the Las Vegas land his firm is looking to develop includes some 50 acres behind its Bally’s Las Vegas as well as almost 40 acres adjacent to The Linq on the Las Vegas Strip. He declared that Caesars Entertainment Corporation is moreover hoping to exploit seven acres in front of its Caesars Palace Las Vegas resort casino and expand further internationally involving markets such as Japan, South Korea, Canada, and Brazil.
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“We are excited because we have a lot of growth plans [that] we have not been able to act on because of the complicated structure,” Frissora told Bloomberg. “Once we emerge, we will be able to do a lot of development projects around the world as well as merger and acquisition activity.”