Caesars Entertainment Files Chapter 11 Bankruptcy

The operating unit of Caesars Entertainment, the largest U.S. casino company, filed for Chapter 11 bankruptcy. Caesars has taken this action to implement a restructuring plan to strengthen its financial position. The plan is to cut $10 billion of debt from $18.4 to $8.6 billion.

Thursday, they issued this statement regarding the operations of its Biloxi casino, Harrah’s Gulf Coast: "Harrah’s Gulf Coast is open for business and all operations at the property continue as usual. Guests will continue to have the same great experience and receive the same great service they are accustomed to."

Chapter 11 is a court-supervised process that enables companies to reduce their debt while continuing to operate.