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Caesars Entertainment has filed for bankruptcy

All of Caesars' three Atlantic City properties will remain open. Caesars will restructure as it attempts to improve its finances.

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Wayne Parry/AP
This Dec. 9, 2011, photo shows Caesars Atlantic City, one of two Atlantic City N.J. casinos included in a bankruptcy filing made on Thursday Jan. 15, 2015 by a unit of Caesars Entertainment. The company says all three of its Atlantic City properties, Bally's, Caesars and Harrah's, which is not included in the filing, remain open for business as usual.
  • By Wayne Parry Associated Press

| ATLANTIC CITY, N.J.

All three Atlantic City casinos owned by Caesars Entertainment remain open, despite a Chapter 11 bankruptcy filing Thursday by a unit of the global gambling giant.

Caesars Entertainment Operating Company, the subsidiary of Caesars Entertainment that filed for bankruptcy, owns two of the company's three Atlantic City casinos — Bally's and Caesars on the Boardwalk.

Harrah's Resort Atlantic City is owned by a different portion of the company and is not included in the bankruptcy filing.

The company says all its properties are open for business as usual, and that it has sufficient cash to continue operating normally. Caesars' Total Rewards player loyalty program is unaffected, and all scheduled meetings and events are still on.

A $125 million meeting center under construction at Harrah's also is not part of the bankruptcy filing and is unaffected by it. The facility is due to open later this year.

The debt-laden company said it filed a Chapter 11 bankruptcy restructuring plan for its operating company to improve its finances. Caesars remains the largest casino owner in Atlantic City, with three of the resort's eight properties.

Last summer, it closed the still-profitable Showboat Casino Hotel in the name of reducing competition in the then-saturated Atlantic City market. It was one of four Atlantic City casinos to go out of business in 2014.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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