Caesars Entertainment is one of six bidders currently in the running to create a casino complex in the city of Toronto in Canada.
The Caesars brand is hoping that the casino project would produce much-needed growth and allow for creditors to support reorganisation, as the Caesars Entertainment Operating Co unit of the parent company is currently facing bankruptcy.
Creditors are pushing for Caesars Entertainment to fund a major payout under a reorganisation plan. If the plan is supported by creditors, then an equity stake would be provided within the company’s parent. The parent company is fighting the plan as it would cost the private equity owners close to $2bn. The private equity owners include TPG Capital and Apollo Global Management.
In July of 2015, the city of Toronto voted to approve a casino that would offer live table games if a venue was included in the entertainment complex. A minimum of two development sites are already being considered within the city limits. A decision on who will win the opportunity to build the casino should be announced by the Ontario Lottery and Gaming Corporation next summer.
Other major operators are also interested, including the Genting Group, so there is competition in regards to big names being under consideration for the project.
