Caesars Entertainment To Capitalize On Underutilized Land After Exiting Bankruptcy
The largest unit of casino and hotel owner Caesars Entertainment Corp. will exit bankruptcy later this year with plans to develop its underutilized land in Las Vegas and to enter new international markets.
Caesars CEO Mark Frissora said the company will develop more than 90 acres in Las Vegas, including land directly in front of Caesars Palace, Bloomberg reports. Frissora said much of that key land is underutilized and low risk, and will generate high returns.
In January 2015 Caesars put its largest division into bankruptcy after years of struggling to maintain a $30B debt load left over from a leveraged buyout in 2008. As a result of the bankruptcy restructuring the company has decided to spin off many of its casinos, including its Las Vegas flagship, into a REIT. Once the company fully exits bankruptcy Frissora said Caesars will look to enter new markets, including Brazil, Japan, Canada and South Korea.
