Caesars bankruptcy includes 2 AC casinos:

The bankruptcy filing Thursday in Chicago by Caesars Entertainment Corp.'s largest unit include Caesars and Bally's on the Atlantic City boardwalk, but not the Harrah's casinos in Chester and Atlantic City.

The long-anticipated filing by the Las Vegas gambling giant, made with the blessing of entities holding 80 percent of its $11.7 billion in first-lien debt, sets up a jurisdiction fight because junior creditors filed an involuntary petition Monday in Wilmington in a bid to get better terms for themselves.

Documents filed Thursday show that the Caesars unit, Caesars Entertainment Operating Co. Inc., known as CEOC, has $12.35 billion in assets and $19.87 billion in liabilities.

Of those liabilities, $18.4 billion is debt, which would be slashed by about $10 billion in the proposed bankruptcy, to $8.4 billion. That would cut the company's annual interest payments by 75 percent, to $450 million from $1.7 billion, Caesars said.

For seven straight years, CEOC has failed to earn enough money to make its interest payments.

Apollo and TPG, two leading private-equity firms led the 2008 buyout of Caesars for $30.7 billion, including $24 billion in debt.

All Caesars properties included in the bankruptcy remain open.

Harrah's Atlantic City is part of a separate Caesars entity, Caesars Entertainment Resort Properties, which has not filed for bankruptcy protection. Caesars includes Harrah's Philadelphia under the CEOC umbrella, but the company does not own 100 percent of the Chester casino

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