Caesars Files for Bankruptcy Protection for Two Atlantic City Casinos
By David Madden
ATLANTIC CITY, N.J. (CBS) -- As expected, Caesars Entertainment has filed for Chapter 11 bankruptcy protection. But company officials say operations at its facilities, including a pair of Atlantic City casinos, will go on as usual.
The largest segment of the Caesars business empire has presented a prepackaged bankruptcy plan, with the idea to restructure more than $19 billion in liabilities into a more manageable financial blueprint.
Israel Posner, a gaming and hospitality analyst at Stockton College of New Jersey, says workers at Caesars and Bally's can relax for the time being.
"As the company has said, and as I believe, the Chapter 11 restructuring that Caesars corporate is doing will have no effect on operations here in Atlantic City," he tells KYW Newsradio.
A different Caesars division owns and operates the Harrah's casino in Atlantic City and has no involvement in this proceeding.
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