Restructuring

Caesars Entertainment Corp . may have violated federal law when it shuffled its casino assets, said a federal judge in a ruling that could complicate the casino company’s efforts to unload $18.4 billion in debts in a bankruptcy restructuring of its largest unit, The Wall Street Journal reports.

Gambling giant Caesars Entertainment Corp. put its largest unit into Chapter 11 protection in Chicago early Thursday morning, leaving it to a judge to settle the bitter dispute among the company’s creditors and the investment firms whose buyout left the unit with $18.4 billion in debt, The Wall Street Journal reports. 

Lawyers who recently put the Balmoral Racing Club outside Chicago into bankruptcy are preparing to fight the $82 million penalty that hit the horse-racing operation over an alleged bribery scheme involving disgraced ex-Illinois Gov. Rod Blagojevich.

Balmoral Racing Club lawyers plan to appeal the judgment from a lawsuit filed by the state’s four largest riverboat casinos, which accused the racetrack’s owners of illegally promising to contribute money to Mr. Blagojevich’s campaign if he renewed a 3% tax on the riverboat casinos.

Struggling teen retailer Wet Seal Inc.