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Cwasars to Close Showboat Casino in Atlantic City

Topic closed. 108 replies. Last post 2 years ago by eddessaknight.

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Posted: November 16, 2014, 4:50 pm - IP Logged

Caesar's facing $23 billions in debt;Caesars weighs layoffs, but Las Vegas Strip could be spared

Caesars Entertainment Corp. expects to create an extra $250 million to $300 million in cash flow in 2015 through various cost-savings measures. Much of the cash flow increase could come through cost savings, such as layoffs and other measures.

We will see

Eddessa_Knight Sun Smiley

Caesars Entertainment Corp first massive layoff of approx 700 employees nationwide, for now :-(

EddessaKnight

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    Egg Harbor twp.south Jersey shore
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    Posted: November 16, 2014, 6:11 pm - IP Logged

    Caesars Entertainment Corp first massive layoff of approx 700 employees nationwide, for now :-(

    EddessaKnight

    That's their solution to every problem, get rid of the people that make things work !

    Here's an idea, cut executives bonus !

    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

      eddessaknight's avatar - nw paladin.jpg
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      Posted: November 16, 2014, 6:39 pm - IP Logged

      That's their solution to every problem, get rid of the people that make things work !

      Here's an idea, cut executives bonus !

      10/4 haymaker, point taken

      So easy to hand out big bonus coming out of share holder pockets

      It isn't over, spin doctors beware

      Eddessa_Knight

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        Posted: November 18, 2014, 5:04 pm - IP Logged

        10/4 haymaker, point taken

        So easy to hand out big bonus coming out of share holder pockets

        It isn't over, spin doctors beware

        Eddessa_Knight

        Ms Cathy Ruela was playing the"MILLIONAIRE GENE" game when the genie Nov 6th when the genies on her computer screen broke open his chains on a treasure chest & a box popped up, magically announcing she had won a jackpot exceeding 1.3M - just imagine her shock & awe! Hurray!

        Hope this Fortuna brings a good future- _

         

         

        Sun SmileyEddessa_Knight

          eddessaknight's avatar - nw paladin.jpg
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          Posted: November 19, 2014, 7:53 pm - IP Logged

          Ms Cathy Ruela was playing the"MILLIONAIRE GENE" game when the genie Nov 6th when the genies on her computer screen broke open his chains on a treasure chest & a box popped up, magically announcing she had won a jackpot exceeding 1.3M - just imagine her shock & awe! Hurray!

          Hope this Fortuna brings a good future- _

           

           

          Sun SmileyEddessa_Knight

           

          • Carl Icahn does what Donald Trump could not

            Carl Icahn has reportedly purchased the Atlantic City home of Vera Coking, who made headlines after resisting overtures to sell from Donald Trump.

             

            https://homes.yahoo.com/news/carl-icahn-does-donald-trump-161500915.html
            WHEELS WITHIN WHEELS
            Eddessa_knight
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            Posted: November 20, 2014, 6:44 pm - IP Logged

             

            • Carl Icahn does what Donald Trump could not

              Carl Icahn has reportedly purchased the Atlantic City home of Vera Coking, who made headlines after resisting overtures to sell from Donald Trump.

               

              https://homes.yahoo.com/news/carl-icahn-does-donald-trump-161500915.html
              WHEELS WITHIN WHEELS
              Eddessa_knight

            CAESARS TAKES YET ANOTHER STEP TO SPLITTING???

            Largest operating division could be put into real estate investment trust

            "Hand is quicker then the eye, my dear, Guess Under what shell hides the nut?" ~WC Fields

             

            Eddessa_Knight Emoji

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              Posted: November 22, 2014, 7:55 pm - IP Logged

              Steve Wynn says he is unaware of any FBI or IRS investigation regarding money laundering or financial shenanigans with high rollers @ his properties.

              ho- hum

              Eddessa_KnightSun Smiley

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                Posted: November 25, 2014, 4:59 pm - IP Logged

                CAESARS TAKES YET ANOTHER STEP TO SPLITTING???

                Largest operating division could be put into real estate investment trust

                "Hand is quicker then the eye, my dear, Guess Under what shell hides the nut?" ~WC Fields

                 

                Eddessa_Knight Emoji

                Caesars faces more trouble with bank default notice - OUCH

                Thinking of...

                More to come >>>>>>

                Eddessa_Knight Sun Smiley

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                  Posted: November 25, 2014, 5:00 pm - IP Logged

                  CAESARS TAKES YET ANOTHER STEP TO SPLITTING???

                  Largest operating division could be put into real estate investment trust

                  "Hand is quicker then the eye, my dear, Guess Under what shell hides the nut?" ~WC Fields

                   

                  Eddessa_Knight Emoji

                  Caesars faces more trouble with bank default notice

                  Thinking of...

                  More to come >>>>>>

                  Eddessa_Knight Sun Smiley

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                    Egg Harbor twp.south Jersey shore
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                    Posted: November 26, 2014, 4:04 pm - IP Logged

                    CAESARS TAKES YET ANOTHER STEP TO SPLITTING???

                    Largest operating division could be put into real estate investment trust

                    "Hand is quicker then the eye, my dear, Guess Under what shell hides the nut?" ~WC Fields

                     

                    Eddessa_Knight Emoji

                    Eddessaknight,

                    I'm invested in a R.E.I.T.  SYM. WRE

                    But I'll stay away from this one...you're right...they really are playing a shell game !

                    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                      eddessaknight's avatar - nw paladin.jpg
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                      Posted: November 26, 2014, 6:49 pm - IP Logged

                      Eddessaknight,

                      I'm invested in a R.E.I.T.  SYM. WRE

                      But I'll stay away from this one...you're right...they really are playing a shell game !

                      Good pics $$$$ haymaker

                      Sorting our Caesars bankruptcy and misdirection's Wink

                      The casino co. spin doctors say it has struggled with a burden of more than $20 Billion in debt for approx 6 years- it lost money $$$ every year since 2009

                      NOTA BENE:

                      Nevada gaming revenue down over 5%

                      Casinos $$$$ & shareholder's money just dust & gone with the wind Unhappy

                       

                      Happy Thanksgiving, let's be grateful for what we have!

                      Eddessa_Knight

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                        Posted: November 27, 2014, 3:58 pm - IP Logged

                        Good pics $$$$ haymaker

                        Sorting our Caesars bankruptcy and misdirection's Wink

                        The casino co. spin doctors say it has struggled with a burden of more than $20 Billion in debt for approx 6 years- it lost money $$$ every year since 2009

                        NOTA BENE:

                        Nevada gaming revenue down over 5%

                        Casinos $$$$ & shareholder's money just dust & gone with the wind Unhappy

                         

                        Happy Thanksgiving, let's be grateful for what we have!

                        Eddessa_Knight

                        Chinese VIPs Flee Vegas Baccarat Amid Crackdown at Home

                        Baccarat winnings on the Las Vegas Strip fell 36 percent to $97 million in October, echoing declines in Macau where an anti-corruption drive in China has crimped

                        http://finance.yahoo.com/news/chinese-vips-flee-vegas-baccarat-085025853.html

                         

                        Eddessa_KnightSun Smiley

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                          Posted: November 29, 2014, 5:41 pm - IP Logged

                          Chinese VIPs Flee Vegas Baccarat Amid Crackdown at Home

                          Baccarat winnings on the Las Vegas Strip fell 36 percent to $97 million in October, echoing declines in Macau where an anti-corruption drive in China has crimped

                          http://finance.yahoo.com/news/chinese-vips-flee-vegas-baccarat-085025853.html

                           

                          Eddessa_KnightSun Smiley

                          Macau gaming in serious decline & Las Vegas following trend.....

                          Eddessa_Knight 

                          Casino revenue in Macau could fall 25% in December according to Wells Fargo, continuing an ugly months-long slide that is beginning to claim another victim — Las Vegas.

                          Total casino revenue on the Las Vegas strip fell 5.6% to $520 million in October as high-rolling baccarat players from China stayed home fearing President Xi's corruption drive. Baccarat winnings fell 36%.

                          It's worth noting that the people that can really make a difference in the high-roller market are few — maybe a couple hundred big time players from around the world — so when some (in this case, Chinese) players dip out, it makes a difference.

                          And it's a problem Macau has been trying to tackle since earlier this year, when a billion dollar heist changed the way VIP games are financed. Macau used to adhere to a junket system in which high-rollers use investor money to gamble, and investors were guaranteed 1%-2% returns.

                          However, when one junket operator vanished with over a billion in junket cash, the whole system was disrupted and investors wanted higher returns. Xi's corruption crackdown and China's economic slow down exacerbated matters.

                          "We see no near-term respite for weak on-the-ground conditions in Macau," Philip Tulk of Standard Chartered wrote in a recent note. "Junket/VIP’s long-time virtuous cycle has become a vicious one; funding/liquidity remains very tight, and the business model looks near broken."

                          This is a big admission for a Wall Street bank. For months analyst notes have been riddled with excuses — a smoking ban was hurting revenues, they said; the corruption drive was a minor issue, they said; middle class Chinese players would soon rescue Macau's revenue etc.

                          But none of that has turned out to be true, and analysts are grudgingly beginning to think about what will happen to Macau after the next 6 months.

                          "We believe last week’s rate cuts in China signal that the Chinese economic outlook is worsening, rather than a material change in policy," wrote Wells Fargo analyst Cameron McKnight. "With short-term negative macro and Macau trends well understood, most investors have been inquiring about the longer-term outlook. We remain on the sidelines, all else equal, regarding Macau until we see either: (1) a sustained macro rebound, and/or (2) a change in China policies. Importantly, continued weakness in Chinese credit growth suggests that Macau gaming could remain weak for longer than expected (at least 6 months)."

                          Xi is visiting Macau next month, which analysts are considering an additional headwind for gaming revenue. It's like having your dad visit your frat house.



                          Read more: http://www.businessinsider.com/macau-malaise-spreading-to-las-vegas-2014-11#ixzz3KUxPNFM8

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                            Posted: December 2, 2014, 5:55 pm - IP Logged

                            Taj Mahal casino closes hotel tower, ends credit

                            ATLANTIC CITY, N.J. (AP) — Trump Entertainment Resorts says it is closing its newest hotel tower and is no longer issuing credit as it prepares for a Dec. 12 shutdown

                            It's A Happening

                            Eddessa_KnightSun Smiley

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                              Posted: December 4, 2014, 9:40 pm - IP Logged

                              Taj Mahal casino closes hotel tower, ends credit

                              ATLANTIC CITY, N.J. (AP) — Trump Entertainment Resorts says it is closing its newest hotel tower and is no longer issuing credit as it prepares for a Dec. 12 shutdown

                              It's A Happening

                              Eddessa_KnightSun Smiley

                              OVER REACH LEADS TO GREED !!!
                              Eddessa_Knight

                               

                              Why the Heart of the Las Vegas Strip May Soon Be Bankrupt

                               

                              The Las Vegas Strip could be heading to its largest bankruptcy ever. Image source: public domain

                              Las Vegas has made more than a few losers in its day but it's not usually the house that ends up going broke. But that may be exactly what's happening in the heart of the Las Vegas Strip.

                              One of the biggest buyouts ever attempted was pulled off in Las Vegas when Apollo Global and TPG Capital bought Harrah's Entertainment for $30.7 billion in 2008. Billions of dollars in debt was piled onto Harrah's -- or Caesars Entertainment (NASDAQ: CZR ) as it's known today -- balance sheet and before long the bet started going bad. The recession devastated Las Vegas' gaming revenue and an expansion of regional gaming around the country sank any recovery hopes Caesars had. Now, it's becoming apparent Caesars may succumb to over $25 billion in debt.

                              The impact on Las Vegas could be significant considering the fact that Caesars and its subsidiaries own nearly half of the Las Vegas Strip. Caesars owns its namesake Caesar's Palace as well as most of the property from Planet Hollywood all the way down to Harrah's Las Vegas. The properties make up the heart of the Las Vegas Strip and unless there's a solution worked out soon they may be in bankruptcy just after the turn of the new year.

                              How Caesars Entertainment got here
                              A highly leveraged balance sheet, the recession, and expansion of regional gaming was only part of the problem for Caesars Entertainment. After the company went public, it began splitting off subsidiaries like Caesars Acquisition Company (NASDAQ: CACQ ) to own its most valuable assets, leaving most of the debt with the "old" Caesars. The start of this dizzying structure can be seen in the image below from a presentation late last year.

                              A look at Caesars' corporate structure as proposed late last year. Image source: Caesars Entertainment

                              For Caesars, the problem creating so many subsidiaries is that debt holders who financed the company were intentionally cut out from the valuable assets as they were transferred to new companies. This would be like getting a mortgage to buy a home and then jacking up the home and moving to new land, leaving the bank with no collateral but the land where a house once sat.

                              Why Caesars is drowning in debt
                              None of this would be a problem if Caesars was able to pay its bills, but with $25 billion in debt and losses mounting every quarter the company can only pay its bills as long as it can get new debt. That's a problem now because at least four creditors have claimed Caesars defaulted when it transferred assets to new subsidiaries, which would trigger a default of all of its debt.

                              Caesars is aware of this and has been negotiating with creditors to refinance debt through new debt and equity offerings. But those talks reportedly broke down earlier this week and low level creditors were never happy with a proposed agreement.

                              Wynn Las Vegas and The Venetian Las Vegas are both more profitable than any of Caesars' resorts. Image source: The Motley Fool

                              If creditors don't agree to refinance debt Caesars could be forced into bankruptcy, the largest we've seen in Las Vegas. Given the massive debt load and questions surrounding the legality of the company's new legal structure I wouldn't doubt that's where we're heading.

                              How this will impact the Las Vegas Strip
                              The impact of a Caesars Entertainment bankruptcy on Las Vegas could be as small as a ripple or as big as a tidal wave.

                              There may be minimal short-term impact felt if creditors who Caesars owe money agree to restructure debt, take equity in the company, and don't force a protracted negotiation. But tensions between debt holders and Caesars are heating up and they may force a more complete breakdown of the company.

                              If Caesars is forced to break up into smaller pieces or sell off assets we could see a reshaping of The Strip. We could see valuable assets sold to rivals with strong balance sheets and underperforming assets could be sold to someone looking to demolish them for a new megaresort.

                              A bankruptcy of Caesars Entertainment could bring a wave of change to the Las Vegas Strip but no matter what happens the heart of The Strip will likely change forever. Caesars can't keep its business afloat with $25 billion of debt and by the end of 2015 the company will likely look very different than it does today.