Caesars Entertainment Operating Company, Inc. reported that its wholly owned subsidiary, Caesars Entertainment Operating Company, Inc. received the requisite lenders’ consents and entered into an amendment (the “Bank Amendment”) to its senior secured credit facilities to, among other things: use the net cash proceeds of $1,500,000,000 of new 9% senior secured notes due 2020 (the “New Notes”) to repay a portion of CEOC’s existing term loans at par, with such repayment being applied: first, to all outstanding B-1, B-2 and B-3 term loans held by consenting lenders; second, to B-5 and B-6 term loans held by consenting lenders, in an amount up to 20% of the principal amount of the B-5 and B-6 term loans; and third, if any proceeds remain outstanding, to outstanding term loans as CEOC elects in its discretion; (ii) obtain up to $75 million of extended revolving facility commitments with a maturity of January 28, 2017, (iii) increase the accordion capacity under the senior secured credit facilities by an additional $650 million (which may be used, among other things, to establish extended revolving facility commitments under the senior secured credit facilities); (iv) modify the calculation of the senior secured leverage ratio for purposes of the maintenance test under the senior secured credit facilities to exclude the New Notes; and (v) modify certain other provisions of the senior secured credit facilities. The New Notes will have a later maturity than that of the term loans being repaid with the net cash proceeds of the New Notes. The effectiveness of the proposed Bank Amendment and related transactions are subject to regulatory approval and other conditions.

Caesars Entertainment Corporation on Aug. 22 completed its offering of $750.0 million aggregate principal amount of 9% senior secured notes due 2020. The notes were issued by wholly owned subsidiaries of the company's operating partnership, Caesars Entertainment Operating Company, Inc. Further, the company amended its senior secured credit agreement to extend the maturity of approximately $958.0 million aggregate principal amount of B-1, B-2 and B-3 term loans to Jan. 28, 2018, from Jan. 28, 2015, as term B-6 loans. The amendment also extends the maturity of approximately $12.2 million aggregate principal amount of revolving commitments to Jan. 28, 2017, from Jan. 28, 2014, and converts approximately $210.3 million aggregate principal amount of revolving commitments maturing Jan. 28, 2014, into term B-6 loans maturing Jan. 28, 2018. The term B-6 loans will have a springing maturity to April 14, 2017, if more than $250.0 million of the company's 11.25% senior secured notes due 2017 remain outstanding April 14, 2017.

Caesars Entertainment Operating Company, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported net revenue of $1,742.0 million compared to $1,708.1 million a year ago. Income from operations was $24.4 million compared to $186.1 million a year ago. Loss before income taxes was $506.4 million compared to $264.7 million a year ago. Net loss attributable to company was $328.9 million compared to $173.4 million a year ago. EBITDA was $202.4 million compared to $349.1 million a year ago. Adjusted EBITDA was $401.1 million compared to $378.3 million a year ago.