Caesars Entertainment to lay off several hundred workers as company's debt mounts

Associated Press

A Caesars Entertainment Corporation spokesman says the company has already started notifying several hundred employees facing layoffs.

Gary Thompson said Thursday that the layoffs would affect fewer than 680 people across the entire company and its divisions.

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Caesars Entertainment employs about 68,000 people worldwide and operates 52 casinos under the Caesars, Harrah's and Horseshoe brands.

Thompson said the job losses would be spread out evenly among the company's properties and corporate offices.

The company has been struggling with mounting debt and losses.

Caesars lost $908 million from July through September and has $22.8 billion in long-term debt.

The company has been negotiating with some of its creditors and bank lenders to relieve the financial pressure.