August 31, 2014 7:41 AM ET

Hotels, Restaurants and Leisure

Company Overview of Caesars Entertainment Operating Company, Inc.

Company Overview

Caesars Entertainment Operating Company, Inc. provides casino entertainment services. The company’s entertainment facilities include casinos, hotel and convention space, restaurants, and non-gaming entertainment facilities. As of December 31, 2012, the company owned, operated, or managed 52 casinos in 13 states of the United States and in 7 countries, including 33 land-based casinos, 11 riverboat or dockside casinos, 3 managed casinos on Indian lands in the United States, 1 managed casino in Cleveland, 1 managed casino in Canada, 1 casino combined with a greyhound racetrack, 1 casino combined with a thoroughbred racetrack, and 1 casino combined with a harness racetrack with approximately 3 m...

One Caesars Palace Drive

Las Vegas, NV 89109

United States

Phone:

702-407-6000

Key Executives for Caesars Entertainment Operating Company, Inc.

Chief Executive Officer
Age: 46
Chief Financial Officer
Age: 56
Senior Vice President
Age: 45
General Counsel
Senior Vice President of Human Resources
Age: 48
Compensation as of Fiscal Year 2014.

Caesars Entertainment Operating Company, Inc. Key Developments

Caesars Entertainment Closes Notes Purchase Agreement

Caesars Entertainment Corp. and its subsidiary Caesars Entertainment Operating Co., or CEOC, closed on the purchase from certain note holders of CEOC's outstanding 6.50% senior notes due 2016 and 5.75% senior notes due 2017. Pursuant to the deal, the note holders sold to Caesars and CEOC an aggregate principal amount of approximately $89.4 million of the 2016 notes and an aggregate principal amount of approximately $66.0 million of the 2017 notes. Caesars and CEOC each paid the note holders a ratable amount of $77.7 million of cash in the aggregate. Additionally, CEOC paid the note holders accrued and unpaid interest in cash and Caesars contributed approximately $426.6 million aggregate principal amount of the notes to CEOC for cancellation. Upon the closing of the transaction, CEOC's outstanding debt decreased by roughly $582.0 million. As part of the transaction, with the consent of the selling note holders - who represent $237.8 million aggregate principal amount of the notes and greater than 51% of each series of the notes that are held by nonaffiliates of Caesars and CEOC - CEOC and the trustees for the notes entered into supplemental indentures to the indentures governing the notes to, among other things, remove provisions relating to Caesars' guarantee of the notes and to modify the covenant restricting disposition of substantially all of CEOC's assets to measure future asset sales based on CEOC's assets as of the date of the supplemental indentures. The indenture amendments were effective immediately upon closing of the transaction.

Caesars Entertainment Operating Company, Inc. and Caesars Entertainment Corporation Announces 6.50% Senior Notes Due 2016 and 5.75% Senior Notes Due 2017

Caesars Entertainment Operating Company, Inc. and Caesars Entertainment Corporation announced that they have reached an agreement with certain holders of CEOC's outstanding 6.50% Senior Notes due 2016 and 5.75% Senior Notes due 2017 in connection with a private refinancing transaction, pursuant to which, among other things, such Holders, representing $237.8 millionaggregate principal amount of the Notes and greater than 51% of each class of the Notes that are held by non-affiliates of CEC and CEOC, have agreed to sell to CEC and CEOC an aggregate principal amount of approximately $89.4 million of the 2016 Notes and an aggregate principal amount of approximately $66.0 million of the 2017 Notes, CEC has agreed to pay such Holders a ratable amount of $77.7 million of cash in the aggregate, CEOC has agreed to pay such Holders a ratable amount of $77.7 million of cash in the aggregate, CEOC has agreed to pay such Holders accrued and unpaid interest in cash and CEC has agreed to contribute no less than $393 million aggregate principal amount of the Notes to CEOC for cancellation. Upon the closing of the transaction, CEOC expects that its indebtedness would decrease by approximately $548.4 million. Pursuant to the note purchase and support agreement, certain of the holders have also agreed to consent to amendments to the terms of the indentures that govern the notes and to amendments to a ratable amount of approximately $82.4 million face amount of the notes held by such holders and agreed that for the period from the closing date of the transaction until the earlier of the 181 day after the closing date of the transaction and the occurrence of a credit event within the meaning of Section 4.2 or 4.5 of the 2003 ISDA definitions, such holders will consent or approve a restructuring of notes and amended CEOC notes on the terms described below and, subject to certain exceptions, will not transfer their amended CEOC notes except to a transferee that agrees to be bound by such agreement. The Indenture Amendments include a consent to the removal and acknowledgement of the termination of the CEC guarantee within the indenture governing the Notes and a modification to the covenant restricting disposition of substantially all of CEOC's assets to measure future asset sales based on CEOC's assets as of the date of the amendment. The notes amendments include provisions that holders of the amended CEOC notes will be deemed to consent to any restructuring of notes and amended CEOC notes so long as holders have consented thereto that hold at least 10% of the outstanding 2016 notes and 2017 notes, as applicable the restructuring solicitation is no less favorable to any holder of amended CEOC notes than to any holder of notes, and certain other terms and conditions are satisfied. The proposed indenture amendments and the proposed notes amendments would not become operative until the closing of the transaction. In connection with the transaction, CEOC and CEC also agreed that if no restructuring of CEOC is consummated within eighteen months of the closing of the transaction, subject to certain conditions, CEC will be obligated to make an additional payment to CEOC of $35 million.

Caesars Entertainment Reports Completion of Tender Offers for Caesars Entertainment Operating Company's Debt Securities

Caesars Entertainment detailed the completion of its subsidiary's, Caesars Entertainment Operating Company (CEOC), previously announced cash tender offers to purchase any and all of the outstanding $791,767,000 aggregate principal amount of CEOC's 5.625% Senior Notes due 2015 and any and all of the outstanding $214,800,000 aggregate principal amount of CEOC's 10.00% Second-Priority Senior Secured Notes due 2015. The tender offers expired at 5 p.m., New York City time, on July 25. The company received tenders from the holders of $44,345,000 aggregate principal amount of the 5.625% Notes and $103,016,000 aggregate principal amount of the 10.00% Notes by the Expiration Time.

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