Caesars Entertainment Corp. today unveiled details of its planned restructuring after agreeing earlier this month to acquire affiliate Caesars Acquisition Co. in a stock-for-stock merger that will better position the $18.4 billion debt load of its largest unit, the Wall Street Journal reported today. Caesars Entertainment Operating Co., which owns, operates or manages 44 casinos, will be restructured as an operating company and a property company, which would be owned and controlled by a real-estate investment trust. The Wall Street Journal reported earlier this month that the operating company and its creditors had been in talks on a deal to put the unit in chapter 11 protection by mid-January and reorganize the company as a real-estate investment trust. The restructuring will also include two leases: one $160-million-a-year lease for the Caesars Palace Las Vegas facility, and one for certain other properties.
