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Howard Stutz
 

Caesars operating division records $24.9 million in net income in May

10 July 2015

Caesars Entertainment Corp.’s bankrupt operating division recorded a net income of $24.9 million during May, according to a securities filing.

Caesars Entertainment Operating Co., which filed Chapter 11 bankruptcy in January in Chicago, said in the division had $339.6 million in total revenue during the month, which included $246 million in casino revenue, according to the filing with the Securities and Exchange Commission.

CEOC controls Caesars Palace, Caesars Atlantic City, Harrah’s Reno and more than a dozen regional properties.

Because of CEOC’s bankruptcy reorganization, the division has to file monthly operating results.

“The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustment, which may be material, and reconciliation,” the company said in the SEC filing.

In April, CEOC reported a net income of $53 million.

Caesars Entertainment has a gaming industry high $22.8 billion in long-term debt, of which $18.4 billion is attached to CEOC. Through bankruptcy, the company hopes to eliminate almost $10 billion of the division’s debt and convert CEOC into a real state investment trust.
Caesars operating division records $24.9 million in net income in May is republished from Online.CasinoCity.com.