Caesars Entertainment officials say the casino giant's debt-heavy operations arm will file bankruptcy in mid-January to reorganize its finances now that the company has the OK from some creditors for a financial fix to shed about $10 billion in debt.
Caesars announced Friday afternoon that it had reached an agreement with some of its priority creditors.
The plan still needs bankruptcy court and gambling regulatory approvals.
The company says its plan is to separate Caesars Entertainment Operating Company into two separate companies - one that owns the hotel-casinos and one that pays to lease them - will create better cash flow and shake off old debt.
CEO Gary Loveman says it would be business as usual at its properties and its Total Rewards customer loyalty program during the restructuring.
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