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The latest poker news from, featuring top stories from around the gambling industry.
New operators could soon take control of the action at Bally’s and Caesars in Atlantic City. The New Jersey Casino Control Commission has given their approval to Caesars Entertainment, owners of the two properties, to lease the casino operations to a newly formed company.
The change in operations is all part of the split that occurred with Caesars’ Chapter 11 bankruptcy reorganization. The parent company split into a real estate trust and what will become an operating company. The real estate entity then has the power to lease the gaming biz to the new operating branch.
While it sounds a bit like Caesar’s will be leasing its arms to its torso, the company says it will allow them to have “strong, financially stable casinos.” It is the result of a lengthy and contentious bankruptcy process in which the company negotiated a restructuring to appease debtors.
Before the full restructuring plan can become effective Caesars requires approval from the Casino Control Commission as well as the state Division of Gaming Enforcement.
The parent company saw an increase of 1.4 percent in net revenue in the first quarter, according to an earnings report released on Tuesday. Caesars totaled $963 million in net revenue and $524 million in net loss. The company claims that $466 million of the loss was due to accrual from the restructuring process.
Meanwhile, Caesars has renovation plans for their Las Vegas properties and plans for undeveloped land holdings the company owns in front of Caesars Palace and on the east side of Las Vegas.