Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc. (CEOC) and its Chapter 11 debtor subsidiaries announced that the U.S. Bankruptcy Court for the Northern District of Illinois has confirmed the Debtors' Plan of Reorganization, paving the way to conclude CEOC's court-supervised restructuring process in 2017.

"The confirmation of the Plan of reorganization marks a major milestone in CEOC's restructuring process and facilitates a path forward to emergence in 2017," said Mark Frissora, President and Chief Executive Officer of Caesars Entertainment. "We appreciate those that helped make this day possible for Caesars and are grateful for the ongoing support and commitment of our customers and vendors and for the continued hard work and dedication of our employees."

Under the previously disclosed terms of the Plan, CEOC will emerge from bankruptcy, separating virtually all of its U.S. based real property assets from its gaming operations. Caesars Entertainment will continue to own and manage the gaming operations.  The real property assets will be held in a newly created real estate investment trust (REIT) owned by certain of CEOC's creditors. Caesars Entertainment will not own any equity interest in the REIT. In addition, in connection with CEOC's emergence, Caesars Entertainment and Caesars Acquisition Company must complete their previously announced merger.

The Plan remains subject to obtaining gaming regulatory approvals, the completion of the Merger, certain financing transactions, and various other closing conditions.

"The new Caesars will be a stronger company with a healthy balance sheet, a plan for growth and investment, operating discipline and a relentless focus on employee and customer satisfaction," Frissora said. "Upon CEOC's emergence, we will be positioned to strengthen our financial and operational performance by pursuing new opportunities to invest in and expand our brands and business. While there is still much work ahead to complete this process, we are excited about the future of the Caesars enterprise."