Caesars Entertainment unit files for bankruptcy protection

AP News
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Posted: Jan 15, 2015 2:44 AM

Caesars Entertainment says its main business unit has filed for bankruptcy protection with the support of most of its creditors.

Caesars says in a statement Thursday that its casinos will continue to operate and it expects to get court approval to continuing paying its suppliers.

Chapter 11 bankruptcy protection gives companies a window to carry out a restructuring to restore financial viability without being forced into bankruptcy by companies or individuals owed money.

Caesars has struggled after missing out on the casino boom in Asia. It was also reluctant to upgrade and expand in its traditional U.S. markets.