January 23, 2017 2:11 PM ET

Hotels, Restaurants and Leisure

Company Overview of Caesars Entertainment Operating Company, Inc.

Company Overview

Caesars Entertainment Operating Company, Inc. provides casino entertainment services. The company’s entertainment facilities include casinos, hotel and convention space, restaurants, and non-gaming entertainment facilities. As of December 31, 2012, the company owned, operated, or managed 52 casinos in 13 states of the United States and in 7 countries, including 33 land-based casinos, 11 riverboat or dockside casinos, 3 managed casinos on Indian lands in the United States, 1 managed casino in Cleveland, 1 managed casino in Canada, 1 casino combined with a greyhound racetrack, 1 casino combined with a thoroughbred racetrack, and 1 casino combined with a harness racetrack with approximately 3 m...

One Caesars Palace Drive

Las Vegas, NV 89109

United States



Key Executives for Caesars Entertainment Operating Company, Inc.

Chief Executive Officer
Age: 48
Chief Financial Officer
Age: 58
Chief Accounting Officer and Vice President
Age: 47
Senior Vice President, Deputy General Counsel and Corporate Secretary
Age: 47
Chief Restructuring Officer
Compensation as of Fiscal Year 2016.

Caesars Entertainment Operating Company, Inc. Key Developments

Caesars Entertainment Corporation, Caesars Entertainment Operating Company, Inc. and Holders of the Second Lien Notes and, the Claims with Respect Thereto, the Second Lien Bond Claims Entered into an Agreement with Respect to the Restructuring of CEOC's Indebtedness

On July 31, 2016, Caesars Entertainment Corporation, Caesars Entertainment Operating Company, Inc. and holders (the Consenting Creditors) of a significant amount of claims in respect of CEOC's 12.75% Second-Priority Senior Secured Notes due 2018 (the 12.75% Notes), 10.00% Second-Priority Senior Secured Notes due 2018 (the 10.00% Notes) and 10.00% Second-Priority Senior Secured Notes due 2015 (collectively, the Second Lien Notes and, the claims with respect thereto, the Second Lien Bond Claims) entered into an agreement (the RSA) with respect to the restructuring of CEOC's indebtedness (the Restructuring). The Consenting Creditors, along with creditors who have signed the First Lien Bank RSA and the First Lien Bond RSA, hold, pursuant to their signature pages and information available to CEC, approximately 37% of the Second Lien Notes. The RSA will become effective upon the signing of the RSA by creditors holding at least 50.1% of the aggregate outstanding amount of CEOC's obligations under the indenture governing the 10.00% Notes and the indenture governing the 12.75% Notes (the Agreement Effective Date). The Consenting Creditors have agreed to, among other things, support and complete the Restructuring and vote in favor of the Debtors' Second Amended Joint Plan of Reorganization [ECF. No. 4218] filed in connection with the Chapter 11 Cases on June 28, 2016, as amended by the terms of the RSA (the CEOC Plan), and, if applicable, a chapter 11 plan of reorganization for CEC through which the Restructuring may be effected (the CEC Plan and, together with the CEOC Plan, the Plans), support the mutual release and exculpation provisions to be provided in the Plans, seek a mutually agreed stay with CEC with respect to the case captioned Appaloosa Investment Limited Partnership I, et. al. v. Caesars Entertainment Corporation, Case No. 653351 (NY Sup Court) (the Second Lien Lawsuit), if the Consenting Creditor is a plaintiff in the Second Lien Lawsuit, and the Second Lien Guaranty Cases and instruct the applicable trustees to seek a mutually agreed stay with CEC in respect of the Second Lien Lawsuit and the Second Lien Guaranty Cases, support any motion filed by CEOC seeking to extend or modify an order (a 105 Injunction Order) of the bankruptcy court temporarily enjoining all or some of the Caesars Cases withdraw the involuntary petition filed against CEOC (to the extent that the petitioning creditors become Consenting Creditors) and forbear from exercising their default-related rights and remedies under the indentures governing the Second Lien Notes (the Second Lien Indentures).

Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc. Announces Amendment to its Restructuring Support and Forbearance Agreement

On June 20, 2016, Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc. and certain beneficial holders of the claims under the first lien bank debt incurred by CEOC pursuant to that certain Third Amended and Restated Credit Agreement, dated as of July 25, 2014, by and among CEC, CEOC, the lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent, agreed to amend the Restructuring Support and Forbearance Agreement, dated as of August 21, 2015, among CEC, CEOC and the Consenting Bank Creditors, with respect to the restructuring of CEOC's indebtedness. The amendment will go effective when it is signed by Consenting Bank Creditors holding greater than two-thirds of the aggregate amount of all First Lien Bank Claims held by Consenting Bank Creditors who executed the Bank RSA.

Caesars Entertainment Considers Strategic Alternatives

Caesars Entertainment Corporation (NasdaqGS:CZR) is exploring, evaluating, reviewing potential strategic alternatives and contingency planning for Caesars Entertainment as it relates to the ongoing bankruptcy proceedings of Caesars Entertainment Operating Company, Inc. and the related litigation pending against Caesars Entertainment. Caesars Entertainment's strategic alternatives committee is presently comprised of three independent directors and is advised by its own legal and financial advisors. The committee also oversees Caesars Entertainment's involvement in Caesars Entertainment Operating Company's bankruptcy proceedings.

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