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Caesars operating division records $24.9 million in net income in May10 July 2015
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. Copyright GamingWire. All rights reserved.
Caesars operating division records $24.9 million in net income in May
is republished from Online.CasinoCity.com.
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