Casino giant Caesars talks with creditors as debt mounts, analysts foresee bankruptcy
LAS VEGAS, Nev. – Caesars Entertainment Corp. says it’s talking with some creditors to come up with ways to release pressure on its debt-heavy operations division but financial analysts still see signs of bankruptcy to come.
Officials reported the formal talks with its bank lenders in a filing to the Securities and Exchange Commission Friday.
That comes a day after it reported its first-in-line creditors would have a claim on Caesars Entertainment Operating Company cash in case it defaulted.
The subsidiary had $2.1 billion in cash as of June 30.
Caesars has $24.2 billion in debt.
Analysts say a bankruptcy decision may be driven by creditors second in line who are owed interest by December and say Caesars has already defaulted on agreements.
Caesars owns 52 casinos in the U.S. and abroad.
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