Caesars Entertainment plans to issue US$1.5 billion in new bonds to pay down a portion of its massive debt and push due dates on some term loans to 2020.
In a filing with the US Securities and Exchange Commission, the Las Vegas-based casino giant said it will offer the 9% senior secured notes privately to institutional investors.
Caesars, which is trying to sell its Macau golf course as it plans its Asian casino debut via a partnership on a resort casino in Incheon in South Korea, has nearly $20 billion in long-term debt, the most in the industry.
The company is the largest casino operator in the United States, with 50 properties nationwide and 10 on or near the Las Vegas Strip. It has mapped an aggressive expansion strategy which in addition to Korea involves bids on casino licenses in the US states of Maryland and Massachusetts and in Toronto, Canada.
Caesars announced as part of the filing that it expects it to post a fourth-quarter net loss in the range of $452 to $556 million on revenues of $1.55 billion-$1.5 billion.
The company is scheduled to report Q4 and year-end results on 25th February.
