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Caesars agrees deal to reduce debt at operating subsidiary

13th August 2014 7:53 am GMT

US casino operator Caesars Entertainment Corporation (CEC) said Tuesday that it has reached an agreement to reduce debt at its subsidiary Caesars Entertainment Operating Company (CEOC) by $548m and cut interest expense by $34m annually.

Caesars chairman and CEO Gary Loveman said that the transaction is the latest in a series of steps intended to deleverage CEOC and position it for a potential stock listing.

“The transaction will reduce CEOC's leverage and interest payments,” said Loveman. “We [...]

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