The judge in the bankruptcy case of Caesars Entertainment’s largest operating unit has issued a stay on litigation filed by lower-level bondholders concerning several transactions preceding the January 2015 bankruptcy filing of the unit.
The cases assail asset transfers that preceded the bankruptcy in which Caesars moved properties out of the unit, Caesars Entertainment Operating Company (CEOC), allegedly to avoid repaying $7 billion in debt. Judge Benjamin Goldgar ordered a stay on the litigation until 60 days after a report is issued on the same transactions by a court-appointed investigator.
Caesars Entertainment, meanwhile, reported that net revenue for 2015 was $4.5 billion, up 14.7 percent over 2014. The revenue figures do not include CEOC, which must report its results monthly and separately while under Chapter 11 bankruptcy protection. Adding CEOC results would drop the revenue increase to 6 percent.
Caesars’ positive results were due mostly to Caesars Interactive Entertainment, the company’s digital arm, with revenues at $785.5 million, a 30.6 percent increase.
