The previous year has been an enormously difficult one for one of the most legendary casinos globally, Caesars. The company that is running the well-known gambling house, has been facing for almost a year now, the possibility of bankruptcy. But now, thanks to the latest actions, Caesars Entertainment is one step closer to emerging from Chapter 11 bankruptcy. Shareholders voted on Tuesday positively to the form a new company.
The concept says that Caesars Entertainmeent is about to merge with Ceasars Acquisition and the merge between the two sides has now been approved. The main shareholders from both companies met in Las Vegas a week ago, in order to look for the best possible plan. Moreover, it was very crucial to divide the corporation’s gaming operations from its real estate holdings. The procedures are about to continue within the next few days. Caesars Entertainment and Caesars Acquisition have now approved a merger and by that, a newly created company will rise. As a result of the merger, the name of the new corporation is going to be Caesars Entertainment Operating. The only thing that it will remain to be seen and decided, is what will happen with the pending regulatory approvals.
The majority of both Caesars Entertainment’s shares and Caesars Acquisition’s shares voted in favour of the merger. Most noteworthy, the exact number was 87.8% and 95.2% respectively. As it was stated by the company officials, the merger is going to be completed in the upcoming October. Mark Frissora, who is the President and CEO of Caesars Entertainment in an emailed statement, commented: «Receipt of these stockholder approvals is an important milestone to complete the merger of Caesars Entertainment and Caesars Acquisition. In addition, it will conclude the restructuring of Caesars Entertainment Operating. The successful conclusion of the restructuring will create new opportunities for incremental investments in growth. We appreciate our stockholder’s support in voting to approve the merger.».