Caesars releases financial projections to be included in disclosure

By Caroline Salls

Pittsburgh, May 27 – Caesars Entertainment Corp. provided financial projections to majority owned subsidiary Caesars Entertainment Operating Co. Inc. (CEOC), which will be incorporated by CEOC into its third amended disclosure statement filed in connection with its ongoing bankruptcy reorganization proceedings, according to an 8-K filed Friday with the Securities and Exchange Commission.

Caesars said the projections cover the period of 2017 through 2020 and represent a forecast of the financial performance of Caesars and its consolidated subsidiaries following CEOC’s plan of reorganization effective date.

According to the projections, Caesars will have $1.87 billion of adjusted EBITDA in 2017, $2.07 billion in 2018, $2.26 billion in 2019 and $2.43 billion in 2020.

Net revenue is projected to be $9.2 billion for 2017, $9.62 billion for 2018, $10.05 billion for 2019 and $10.47 billion for 2020.

Caesars projects it will have $1.68 billion of cash and cash equivalents at the end of 2017, $2.05 billion at the end of 2018, $2.53 billion at the end of 2019 and $3 billion at the end of 2020.

CEOC is a Las Vegas-based casino-entertainment company that filed for bankruptcy on Jan. 15, 2015 in the U.S. Bankruptcy Court for the Northern District of Illinois. The Chapter 11 case number is 15-01145.

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