Bet on boom times now leading to bankruptcy for part of Caesars' casino empire

IndustriesAssociated Press

Caesars Entertainment's operating division may file for Chapter 11 bankruptcy as early as Thursday, seeking relief after a 2008 buyout left it saddled with billions in debt.

The company says it has a majority of its debt holders on board with a pre-planned bankruptcy agreement that would reorganize Caesars Entertainment Operating Corp. into two separate companies — one to own casino-hotels and the other to lease them — and cut its existing debt by about $10 billion.

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Analysts say customers shouldn't notice a difference and no properties will likely close. But the bankruptcy proceedings may not move as quickly as the company hopes, considering the complexity and creditor demands.