It's official -- Caesars has filed for bankruptcy protection and the filing applies to Caesars Palace and other operating units but apparently not to all casinos operated by Caesars.

Curiously, the filing was made in Chicago.

Here is the press release from Caesars on its website:

http://investor.caesars.com/released...leaseID=891400

Why Chicago? It might have been because the major creditors who agreed to the filing (this is a pre-packaged bankruptcy that is okay with many of the major creditors) are in the Chicago area. It might also be because Caesars didn't want a bankruptcy court in an area where patrons and other parties in the Vegas market might easily be able to attend bankruptcy proceedings.

I am sure there is a federal bankruptcy court in Las Vegas. But bankruptcy court proceedings on the "home turf" could lead to a lot of other "media problems."

The papers were apparently filed early this morning according to the Las Vegas Review Journal in an article published online. Read it here:
http://www.reviewjournal.com/busines...les-bankruptcy

It is not unusual for bankruptcy courts to accept filings at midnight or even on weekends.

I was expecting the filing to be today, January 15th.

Now patrons (players, members of Total Rewards) will have to watch for possible changes. Caesars said this in its press release:

All Caesars Entertainment properties, including those owned by CEOC, are open for business and are continuing to operate in the ordinary course. All properties are continuing to host meetings and events and provide the facilities, amenities and experiences that guests expect. The entertainers who perform at Caesars properties will continue to do so on their ordinary schedule.

I am also curious to see what happens to Caesars publicly traded shares -- if they will continue to be traded or if they will be wiped out and replaced by new shares given to creditors as part of the bankruptcy deal?

Also note that another group of creditors filed an involuntary bankruptcy petition in Delaware -- probably where Caesars is incorporated -- and that could complicate the prepackaged voluntary bankruptcy plan.

Since this forum is primarily for players, if you see any changes at the casinos please report them.