The company plans to separate its corporate structure into two companies, resulting in a debt reduction of about $10 billion, according to a press release from CEOC. The deal would exchange $18.4 billion of outstanding debt for $8.6 billion of new debt, the press release said. 

But CEOC’s financial woes won’t affect Harrah’s. 

“I know that a lot of misinformation has been out there, but there’s no effect at all to the properties,” said Brooks Robinson, general manager at Harrah’s Cherokee. “All the properties are open. Nothing has changed with the customers, with anything of how we operate, not just on this property but with all of Caesar’s property.”

The type of bankruptcy that CEOC is filing for will allow it to continue operations at its properties. But Harrah’s is not one of those properties, Robinson emphasized, and even if CEOC were shutting down, that would not affect Harrah’s Cherokee, which is owned by the Eastern Band of Cherokee Indians and managed by Caesar’s Entertainment.