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Caesars Casino Firm Moves To Cut $18bn Debts

(c) Sky News 2015

A subsidiary of US casino firm Caesars has filed for bankruptcy protection with debts of $18.4bn (£12.1bn).

Caesars Entertainment Operating Company, which owns and operates most of Caesars' properties worldwide, said it intended to keep the casino-hotels running, despite the bankruptcy filing in Chicago.

The division of Caesars Entertainment Corporation (NasdaqGS: CZR - news) employs 36,000 people at 38 casino-hotels, including the flagship Caesars Palace on the Las Vegas Strip.

It had been negotiating with creditors and lenders on a reorganisation plan that would turn the division into a real estate investment trust - one to own properties and the other to lease properties - promising creditors cash or new debt.

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