A Caesars Entertainment Corp. bondholder group plans to ask Illinois gaming officials to block a $1.75 billion loan and refinancing package, Bloomberg News reported.
The bondholders say that the value of their bonds has been diminished by the company’s announcement in March that it would sell its Bally’s, Cromwell and Quad casinos in Las Vegas and its Harrah’s casino in New Orleans. Caesars is still carrying debt from a $30.7 billion leveraged buyout led by Apollo Global Management LLC in 2008. As of March 31, Caesars had more than $23 billion in debt on its books.
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