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Caesars Palace finally resurfaces
The announcement of a $2.2 billion funding should mark the end of the crisis for Caesars Palace Operating Company Inc., which had filed for bankruptcy in 2015.
While it is surely not the end of a long media and financial serial drama, it is beginning to feel like it.
Caesars Entertainment Operating Company Inc. (CEOC) has obtained a $2.2 billion investment. $1.5 billion is comprised of capital from JPMorgan Chase Bank, National Association ("JPMorgan"), Barclays PLC ("Barclays"), Goldman Sachs Mortgage Company ("Goldman"), and Morgan Stanley Bank, N.A. ("Morgan Stanley").
The financial montage mainly relies on a mortgage loan, but mezzanine loans, assumed by private investors, are also part of the deal.
CEOC had filed for bankruptcy in 2015, separating on this occasion its real estate properties from its gaming activities. The Real Estate Investment Trust (REIT) managed by its creditors should benefit from this loan. It will allow the re-evaluation and financing of the debt under which the legendary hotel crawls.
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