NEW YORK (TheStreet) -- Caesars Entertainment (CZR) shares are down -11.32% to $12.12 on Tuesday after reporting a second quarter net loss of $466.4 million, or -$3.24 per diluted share that was well bellow analyst expectations of -$1.27.
Today, the international casino operator, which is more that $23 billion in debt, announced that it got its creditors to agree to sell Caesars $89.4 million of its 6.5% notes due in 2016 and $66 million of its 5.75% debt due 2017, according to a regulatory filing.
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The agreement with bondholders will allow the company to cut its debt by $548.4 million.
In separate news, Caesars CEO Gary Loveman said that no qualified bidders have emerged for the company's now bankrupt Revel Casino Hotel in Atlantic City.
The $2.4 billion hotel, which opened two years ago, will be shuttered on September 10 after failing to receive any qualifying bids.
TheStreet Ratings team rates CAESARS ENTERTAINMENT CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CAESARS ENTERTAINMENT CORP (CZR) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."