Caesars Palace Goes For Broke

Caesars Palace's operating company has filed for Bankruptcy, reports CNBC. The company filed for Chapter 11, and plans to cut $10 billion of debt, reducing their debt from $18.4 billion to $8.6 billion. Most of the debt is a result of a leveraged buyout of Harrah's in 2008. The company does not anticipate needing to close any of its casinos under the restructuring; there are 44 in total. There are some celebrity names that popped up in the filing. TMZ reports that Caesars owes Nobu almost $460K; one of the restaurant's owners is Robert De Niro. Gordon Ramsey's restaurant is also owed $307K. Mariah Carey just signed on to a residency deal with Caesars. Britney Spears makes $475K/show, and Carey's deal is definitely worth more, although the final amount has not been disclosed.