Caesars Entertainment Operating Files for Chapter 11 Bankruptcy

A cash-strapped division of casino giant Caesars Entertainment said early Thursday that it filed for bankruptcy protection in Chicago, hoping the court agrees to its plan to get out from under $18.4 billion of debt. The division Caesars Entertainment Operating unit owns and operates most of Caesars' 50 properties worldwide. Caesars CEO Gary Loveman said in a statement to announce the filing that its casino-hotels would remain open. The company has been weighed down by sizable debt ever since Apollo Global Management and TPG Capital and other investors bought the casino giant in January 2008 for $30.7 billion using $6.1 billion of their own cash and paying for the rest with $24.7 billion in debt.