July 21, 2017 1:28 PM ET

Hotels, Restaurants and Leisure

Company Overview of Caesars Entertainment Operating Company, Inc.

Company Overview

Caesars Entertainment Operating Company, Inc. focuses on leasing and operating 18 casinos in the United States. The company is based in Las Vegas, Nevada. Caesars Entertainment Operating Company, Inc. is a subsidiary of Caesars Entertainment Corporation. On January 15, 2015, Caesars Entertainment Operating Company, Inc. along with its affiliates filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Illinois.

One Caesars Palace Drive

Las Vegas, NV 89109

United States

Phone:

702-407-6000

Key Executives for Caesars Entertainment Operating Company, Inc.

Chief Executive Officer
Age: 49
Chief Financial Officer
Age: 59
Chief Accounting Officer and Vice President
Age: 48
Senior Vice President, Deputy General Counsel and Corporate Secretary
Age: 48
Chief Restructuring Officer
Compensation as of Fiscal Year 2017.

Caesars Entertainment Operating Company, Inc. Key Developments

Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc. Announces Pricing of $1.435 Billion Senior Secured Credit Facilities

Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc. and its Chapter 11 debtor subsidiaries announced the pricing of $1.435 billion of senior secured credit facilities for CEOC, consisting of a $1.235 billion seven-year senior secured term loan facility (the "Term Facility") and a $200 million five-year senior secured revolving credit facility (the "Revolving Facility" and, together with the Term Facility, the "Senior Facilities"). The Term Facility was oversubscribed. The interest rate under the new Term Facility is equal to either, at CEOC's option, (a) the London Interbank Offered Rate ("LIBOR") plus 250 basis points with no LIBOR floor or (b) the adjusted base rate plus 150 basis points, and the Term Facility will be issued at 99.5% of par.

Caesars Entertainment Operating Company, Inc. Auditor Raises 'Going Concern' Doubt

Caesars Entertainment Operating Company, Inc. filed its S-4 on Mar 13, 2017 for the period ending Dec 31, 2016. In this report its auditor, Deloitte & Touche LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Caesars Entertainment Operating Company Enters into Committed Financing Agreements

Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc. announced that CEOC has entered into committed financing agreements for proposed new senior secured credit facilities, comprising up to $1,235 million in the aggregate principal amount of a seven-year senior secured term loan facility and up to $200 million in the aggregate principal amount of a five-year senior secured revolving credit facility. The receipt of this financing commitment is an important milestone toward the resolution of CEOC's restructuring. CEOC's plan of reorganization was confirmed by the Bankruptcy Court in January. Caesars Entertainment and Caesars Acquisition Company separately announced that they have amended the terms of their previously announced merger, another important milestone in the restructuring process. Credit Suisse will serve as sole administrative agent and Credit Suisse and Deutsche Bank Securities Inc. will serve as joint lead arrangers for the Senior Facilities.

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Recent Private Companies Transactions

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