Caesars Entertainment Operating Co. (CEOC) may now proceed with its plan to lease operations of their properties after getting a nod from New Jersey’s Casino Control Commission (CCC).

Press of Atlantic City reported that the state’s casino regulator gave CEOC, which owns Bally’s and Caesars Atlantic City, the go ahead with the implementation of the Chapter 11 bankruptcy reorganization, hoping that the bankrupt main unit will bounce back to profitability.

The CEOC’s restructuring plan paved the way for the split of the cash-strapped casino operator into two entities: a casino management firm and a real estate investment trust (REIT) to own the land on which CEOC’s casinos stand.

In approving CEOC’s restructuring plan, CCC chairman and CEO Matthew B. Levinson said they want to help Atlantic City casinos to become strong and financially stable.