Caesars Entertainment Corp. said yesterday that more than 39 percent of senior bondholders backed a restructuring plan, bringing it closer to a key level of creditor support, and it released details of how the reorganized casino company will operate, Reuters reported yesterday. Caesars detailed lease agreements for Caesars Palace Las Vegas and other properties and new debt issuance for its operating unit, which it plans to put into bankruptcy next month and then split into a casino operator and property company. Caesars has said that filing for bankruptcy will reduce its debt to $8.6 billion from $18.4 billion for its operating unit, which runs 44 casinos in 13 states. Caesars said in a securities filing yesterday that the restructuring will include two separate leases: one for Caesars Palace Las Vegas and a separate lease for certain other Caesars properties. The Caesars Palace Las Vegas lease includes a base rent of $160 million for the first five years, while the base rent for the other properties will be $475 million for the first three years.
