Unit of Casino Giant Caesars Files for Bankruptcy in Bid to Trim Debt

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A cash-strapped division of casino giant Caesars Entertainment said early Thursday that it filed for bankruptcy protection in Chicago, hoping the court agrees to its plan to get out from under $18.4 billion of debt. The division Caesars Entertainment Operating unit owns and operates most of Caesars' 50 properties worldwide. Caesars CEO Gary Loveman said in a statement to announce the filing that its casino-hotels would remain open. The company has been weighed down by sizable debt ever since Apollo Global Management and TPG Capital and other investors bought the casino giant in January 2008 for $30.7 billion using $6.1 billion of their own cash and paying for the rest with $24.7 billion in debt. Subscribe to TheStreetTV on YouTube: http://t.st/TheStreetTV For more content from TheStreet visit: http://thestreet.com Check out all our videos: http://youtube.com/user/TheStreetTV Follow TheStreet on Twitter: http://twitter.com/thestreet Like TheStreet on Facebook: http://facebook.com/TheStreet Follow TheStreet on LinkedIn: http://linkedin.com/company/theStreet Follow TheStreet on Google+: http://plus.google.com/+TheStreet