Another controversial move from Caesars Entertainment

|About: Caesars Entertainment (CZR)|By:, SA News Editor

Key bondholders of Caesars Entertainment (NASDAQ:CZR) plan to challenge the company's efforts to separate its loyalty program into a separate entity.

The group alleges it's another move by Caesars aimed at stripping good assets away before putting the main unit into bankruptcy.

New Jersey regulators will decide next month if it will grant a license to rewards entity Caesars Enterprise Services.

Shares of CZR are down 36.2% YTD amid the ongoing legal battles surrounding the casino operator.