Caesars Proposed Converting Unit Into REIT in Restructuring
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Caesars Entertainment Corp., the most-indebted U.S. gaming company, presented a plan to creditors that would restructure the obligations of its biggest unit by turning it into a real estate investment trust.
The proposal would convert Caesars Entertainment Operating Co. into a property company that owns its casinos and a unit that would manage them, according to a regulatory filing today. Caesars said it remains in talks with creditors and that the blueprint is “outdated.”