UPDATE 1-Caesars' unit extends term loan maturity

Feb 13 (Reuters) - Casino operator Caesars Entertainment Corp, which went public last week, said its unit has received the consent required to extend the maturity date of certain term loans.

Debt-laden Caesars, which owns the famed Caesar's Palace, said in a regulatory filing that its unit Caesars Entertainment Operating Co Inc had agreed to extend the maturity of about $2.7 billion in term loans to Jan. 28, 2018.

Caesars had about $22.5 billion face value of outstanding debts at Sept. 30, 2011, according to its latest filing.

The company was taken private by Apollo Global Management and TPG Capital in a $31 billion leveraged buyout in 2008.

However, the deal went sour when the investors were left with huge debts on their hands and few options to get their money back.

Caesars tried to go public in 2010 under its former name Harrah's Entertainment, but gave up those plans as its debt was too much for investors to handle.

Las Vegas, Nevada-based Caesars sold 1.81 million shares at $9 per share in a relatively small public offering that took the market by surprise when its shares almost doubled in value on their debut last week.

Caesars shares closed at $14.24 on Friday on the Nasdaq, up more than 58 percent from their IPO price.