The owner of dozens of Casinos across the U-S, including two in Council Bluffs, has filed for bankruptcy protection. Omaha television station WOWT reports Caesars Entertainment filed for bankruptcy protection early this (Thursday) morning. The company owns 53 properties, and 18 of them were included in the Chapter 11 bankruptcy filing. Two of the 18 are located in Council Bluffs: Harrah’s Council Bluffs and Horseshoe Council Bluffs. A statement from the company says, “There are no planned job reductions as a result of this action. The business performs well at an operating level but the balance sheet still needs to be addressed.”

Caesar’s is trying too shed more than half of its $18.4 billion debt burden. The company has been negotiating with creditors and lenders for months on a reorganization plan that would turn the division into a real estate investment trust – one to own properties and the other to lease properties – promising creditors cash or new debt.

Caesars says the voluntary filing gives companies a chance to restructure their businesses to restore their finances without being forced into bankruptcy. The company says all properties will remain open for business. It also says rewards programs will remain the same and services offered at casinos and hotels will operate as normal.

Caesars casinos struggled after missing out on the casino boom in Asia. The company was also reluctant to upgrade and expand in its traditional U.S. markets. The operating division employs 36,000 people at 38 casino-hotels including the flagship Caesars Palace on the Las Vegas Strip.