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February 11, 2016 4:56 AM 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 Nine Months Ended September 30, 2015; Provides Capital Expenditure Guidance for the Year 2015

Caesars Entertainment Operating Company, Inc. announced unaudited earnings results for the nine months ended September 30, 2015. For the nine months, the company reported net revenues of $158 million compared to $3,493 million a year ago. Income from operations was $9 million compared to loss of $161 million a year ago. Adjusted EBITDA was $34 million compared to $655 million a year ago. Property EBITDA was $31 million compared to $711 million a year ago. Net loss attributable to company was $85 million compared to $1,654 million a year ago. For the year 2015, the company expects capital expenditure in the range of $200 million to $270 million.

Notice of Cancellation of Auction Filed by Caesars Entertainment Operating Company, Inc.

Caesars Entertainment Operating Company, Inc. filed a notice of cancellation of auction and designation of stalking horse bidder as the successful bidder in the US Bankruptcy Court on October 26, 2015. As per the notice filed, no qualified bids were submitted by the bid deadline of October 24, 2015 for sale of Tunica property. The debtors have cancelled the auction scheduled for October 28, 2015 and the sale hearing has been scheduled for November 2, 2015.

First Amended Reorganization Plan & Related Disclosure Statement Filed by Caesars Entertainment Operating Company, Inc.

Caesars Entertainment Operating Company, Inc. filed first amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on October 7, 2015. As per the amended plan, prepetition credit agreement claims will get $705 million in cash, $882 million of additional cash out of the proceeds of the syndication of the OpCo first lien term loan to third party, $406 million of additional cash out of issuance of OpCo second lien notes to third party, $1.96 billion of PropCo first lien term loan and $1.45 billion of PropCo second lien upsize amount. Secured first lien notes claims will get $306 million in cash through issuance of OpCo first lien notes to third party, $141 million in cash out of issuance of OpCo second lien notes to third party, $431 million of OpCo first lien notes, $1.43 billion comprising combination of PropCo second lien notes and cash equal to the excess of $250 million over the amount of CPLV mezzanine debt, the PropCo preferred equity distribution, additional CEC consideration, $1.11 billion of CPLV mezzanine debt, 69.9% of PropCo common equity and 100% of OpCo common stock. Holders of unsecured claims and Subsidiary-guaranteed notes claims will get 30.1% of PropCo common equity on fully diluted basis, 9.8% of Propco common equity, CEC convertible notes, if claim holders accept the plan otherwise 17.5% of PropCo common equity on fully diluted basis and 12.6% of equity that otherwise will be distributed if claimant vote to accept the plan. First lien deficiency claimants shall waive their distribution. Trade claim holders will get either cash treatment consisting of cash of $5 million and default treatment of 30.1% of PropCo common equity on fully diluted basis, 9.8% of Propco common equity and CEC convertible notes. Non-obligor unsecured claimants will get payment full in cash. Intercompany claimants will not get any distribution under the plan. Des Plaines interest holders will be reinstated upon the effective date. The plan will be funded through available cash of $1.17 billion on effective date. On the effective date, debtor will issue OpCo first lien debt of $1.188 million, OpCo second lien debt of $547 million, PropCo first lien term loan of $1.1961 million, PropCo first lien notes of $431 million, PropCo second lien notes of $1.425 million. CPLV market debt and CPLV mezzanine debt will be issued in the range of $1.8 billion and $2.6 billion. Treatment of all the other classes of claims remain same as per the previous plan.

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