On Wednesday, Caesars Entertainment Corporation announced that Gary Loveman (pictured) will be stepping down as Chief Executive Officer of the casino giant. Loveman will continue in his role as Chairman of Caesars Entertainment and Caesars Entertainment Operating Co., with Mark Frissora taking over the role of CEO.

On Thursday, a division of Caesars Entertainment filed for bankruptcy. According to the LA Times, “The division, Caesars Entertainment Operating Co., owns and operates most of Caesars’ 50 properties worldwide.” Caesars officials said the casinos would remain open and few changes were expected while the company sorts out a reported $18.4 billion in debt.

After repeatedly denying rumors regarding its financial straits, several media outlets are reporting that Caesars Entertainment will file for Chapter 11 bankruptcy protection by the middle of January.

The financial woes of Caesars Entertainment are continuing for the beleaguered company, which recently defaulted on a massive bond payment.