Business

Part of US casino company files for bankruptcy

Las Vegas sign, copyright Las Vegas Convention and Visitor Authority Image copyright Las Vegas visitor authority

The operating unit of the largest US casino company, Caesars Entertainment, has filed for chapter 11 bankruptcy in an attempt to eliminate $10bn (£6.6bn) of debt.

The unit is filing for court protection from its creditors.

It aims to bring debt down to $8.6bn and is working to persuade a judge to approve its restructuring plans.

The company's total debt of $18bn comes from the purchase of Harrah's Entertainment in 2006.

It said that its casino-hotels would continue to operate as normal.

Gary Loveman, chief executive at Caesars, said in a statement: `I am very confident in the future prospects of our enterprise, which will combine an improved capital structure with a network of profitable properties."

The operating arm owns or manages 44 casinos and resorts in the United States. Its collection includes the Caesar's Palace in the Las Vegas Strip.

The parent company, Caesars Entertainment, employs around 68,000 people worldwide at more than 50 casino-hotels.

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