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Caesars cancels webcast after Vegas shooting, bankruptcy exit on track
October 2, 2017 / 3:09 PM / 21 days ago

Caesars cancels webcast after Vegas shooting, bankruptcy exit on track

CHICAGO (Reuters) - Caesars Entertainment Corp canceled an investor webcast on Monday following a deadly mass shooting in U.S. casino hub Las Vegas, but a spokesman said its main operating unit’s emergence from a near three-year bankruptcy was still on track for this week.

Earlier, Caesars said its unit, Caesars Entertainment Operating Co Inc (CEOC), was set to end a long and costly bankruptcy by Oct. 6 after receiving a series of approvals from gaming authorities and shareholders.

The Caesars statement came hours after news that a lone gunman had fatally shot dozens of concertgoers in Las Vegas, where Caesars owns Caesars Palace and the Linq Hotel and Casino.

Caesars’ webcast was scheduled to coincide with a major gaming trade show in Las Vegas, G2E, where some 26,000 visitors gather annually for deal-making. G2E said the show would open as planned, though it was keeping a close watch on safety after the “horrific events that took place in Las Vegas earlier this morning.”

A Caesars spokesman said the company, which owns the Harrah‘s, Caesars and Horseshoe brands, would postpone its investor presentation until next week or the following week.

The Caesars properties are located at the opposite end of the Las Vegas Strip from where a gunman killed at least 58 people and injured more than 400 at a country music festival from the 32nd floor of the Mandalay Bay.

“Our hearts are broken for the many victims who were injured or lost their lives tonight in this unconscionable attack,” the company said via Twitter.

The Caesars unit’s exit from bankruptcy will bring to end one of the most bitter Chapter 11 cases in corporate memory, which pitted aggressive and deep-pocketed creditors against the casino group’s private equity sponsors Apollo Global Management and TPG Capital Management LP TPG.UL.

Apollo and TPG will retain a minority stake in the new, restructured group.

As part of the reorganization plan, Caesars Entertainment - formed from the 2008 buyout of Harrah’s - will merge with another subsidiary, Caesars Acquisition Co.

Reporting by Tracy Rucinski; Editing by Clive McKeef

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