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July 03, 2015 10:30 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

Phone:

702-407-6000

Key Executives for Caesars Entertainment Operating Company, Inc.

Chief Executive Officer
Age: 47
Chief Financial Officer
Age: 57
Chief Accounting Officer and Vice President
Age: 46
Senior Vice President, Deputy General Counsel and Corporate Secretary
Age: 46
Chief Restructuring Officer
Compensation as of Fiscal Year 2015.

Caesars Entertainment Operating Company, Inc. Key Developments

Caesars Entertainment Operating Company, Inc. Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2015

Caesars Entertainment Operating Company, Inc. announced unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net revenues of $164 million against $1,181 million a year ago. Income from operations was $9 million against $48 million a year ago. Adjusted EBITDA, Legal Entity was $34 million against $248 million a year ago. Property EBITDA was $31 million against $241 million a year ago. Net loss attributable to company was $85 million against $440 million a year ago. Net loss was $85 million against $438 million a year ago. Net loss from continuing operations was $78 million against $451 million a year ago.

Caesars Entertainment Operating Company, Inc. to Implement Financial Restructuring Plan; Appoints Randall S. Eisenberg as Chief Restructuring Officer

Caesars Entertainment Operating Company, Inc. (CEOC) announced that it is moving forward to implement its previously announced financial restructuring plan. The plan, which has received support from more than 80% of first-lien noteholders, is intended to significantly reduce long-term debt and annual interest payments, while providing for significant recoveries for creditors and ensuring no interruption of operations across the company's network of properties. To implement the balance sheet deleveraging, CEOC and certain of its U.S. subsidiaries have voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois in Chicago. Randall S. Eisenberg, a managing director at AlixPartners, has been named Chief Restructuring Officer of CEOC. In this role, Eisenberg will oversee the Chapter 11 cases and implementation of the restructuring transactions at the operational level.

Caesars Entertainment Operating Company, Inc. Signs Second Amended and Restated Restructuring Support and Forbearance Agreement in Respect of Notes

On January 12, 2015, Caesars Entertainment Corporation (CEC) and Caesars Entertainment Operating Company, Inc. (CEOC), announced that holders (the Consenting Creditors) of over 67% of claims in respect of CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9% senior secured notes due 2020 (collectively, the First Lien Notes and, the claims with respect thereto, the First Lien Bond Claims) have signed the Second Amended and Restated Restructuring Support and Forbearance Agreement, dated as of January 9, 2015 (the RSA), among CEC, CEOC and the Consenting Creditors. As previously disclosed by CEC and CEOC, 5:00 p.m., New York City time, on January 12, 2015 was the deadline for Consenting Creditors to sign the RSA to be entitled to the forbearance fee in an aggregate amount equal to 3.25% of the First Lien Bond Claims held by any such Consenting Creditor. On January 12, 2015, CEOC issued a statement responding to an involuntary chapter 11 petition filed against CEOC by certain holders of its 10.00% Second-Priority Senior Secured Notes due 2018 in the U.S. bankruptcy court for the district of Delaware. Under CEOC's senior secured credit facilities, an event of default occurs if an involuntary chapter 11 petition is filed against CEOC and such petition shall continue undismissed for 60 days or an order or decree approving the petition shall be entered. Under CEOC's first-priority senior secured notes, second-priority senior secured notes and senior unsecured notes, an event of default occurs if a court enters an order or decree under bankruptcy law for relief against CEOC in an involuntary case and such order or decree remains unstayed and in effect for 60 days.

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