Casino All of Caesars heading for bankruptcy in August

I'm glad I've stopped playing at all Caesars properties, I do realize Caesars will never shut down. But they will be forced to sell off some properties.
Sad to say as usual those who are owed money will settle for pennies on the dollar.

Gary Loveman is the one responsible for running Caesars into the ground, he kept spending and spending yet never looked at the downside of what was happening in the world.
He bought all those useless properties.

Dan Gilbert was bright enough to buy the Ohio market & has now created JACK. Not sure about the name but owns Cleveland & Cincinnati casinos. He has partnered with Cosmopolitan in Vegas & Atlantis in Bahamas.

Caesars was good to me but as they started going bad they made strange cutbacks like taking pens out of the rooms, shower caps.Little things but obvious to the regulars so this year I haven't earned one tier credit with them. Funny thing is I'm getting more offers from them than ever, everyone gets discarded.

 

So I guess it's not a good idea to try earning diamond status this year then.

 

The most valuable asset in Caesars portfolio is there loyalty program. If they sold it I'd say yes. If they don't then it's up to you. Making Diamond has been made easier due to their tier bonus program. Make it and see what happens

 

Thanks. I am half way there and I would hate for all that to go to waste.

 

CZR stock has not dropped, this is being looked as a good move for the love no term survival of the company. The only concern as a player would be if you only played at a casino in a small market. They will still be in all the larger markets.

 

Boz

Caesars just lost the entire state of Ohio, that's the loss of over 650,000 TR players. The stock price is meaningless.
They are dead in Tunica,North Kansas City, Vegas.
Turning small profits in AC,Biloxi,New Orleans,Windsor,Arizona,Baltimore.

They will be forced to sell a few properties this judge won't be fooled by there stalling tactics much longer. There debt is huge and they don't capture the millennials. They are making money from clubs and entertainment casino hold numbers are lousy

 

Do you think there would be a single buyer for it, or would it need to be divided up? I know it's a great asset for them, but I don't see it being worth much to MGM, for example. Players who don't play MGM aren't going to go over because they get a mailing.

 

My point is still Wall St sees this as a good thing. If it is good for the player remains to be seen.

 

The properties they will be forced to sell will go for less than 1/2 of what they paid for it. For there loyalty program the buyers would be falling over each other to purchase that

 

When the entire Caesars Corp files bankruptcy watch how Wall Street reacts.
The player over the past two years has been getting less and less. There name doesn't wow anyone anymore.
Unless you're a putz like Alan Mendelson

 

This story was written last November, that database of 45 million gamblers is priceless. Casinoconnectionac.com published this


A few weeks ago, Caesars Entertainment placed its largest operating unit, the bankrupt Caesars Entertainment Operating Company (COE), up for sale. So far, no one is rushing to buy it, even though the package of assets up for sale consists of 38 casino properties—including the famous Caesars Palace in Las Vegas.

However, Reuters reported last week that buyers are staying away not because of what is included in the package for sale, but what is not included—ownership and control of the highly regarded Total Rewards national loyalty program and its database of 45 million gamblers.

“It’s difficult to imagine a third party coming along and bidding for the assets without Total Rewards,” Fitch Ratings analyst Alex Bumazhny told Reuters. “And the fact that the company is still in a complex, litigious bankruptcy could complicate matters.”

The bankruptcy process is mired in litigation from junior-level creditors as CEOC continues to negotiate with bondholders to gain acceptance of a restructuring plan that would shave $10 billion off the unit’s $18 billion in debt.

The proposed sale has reportedly angered junior-level creditors, whose support is vital to Caesars’ restructuring plan being approved by U.S. Bankruptcy Judge A. Benjamin Goldgar. The judge recently granted CEOC a four-month extension to the deadline for submitting its final restructuring plan. Caesars has until March 15 to convince enough creditors to support the plan.

 

Bottom line is that if you are smart in your play, Caesars still has a lot to offer a player. No one offers the opportunity to stay in so many places comped with a little well placed play. If that is there in the future remains to be seen, but smart players have lived off CZR for years.

 

A man named David Tepper holds ALL the cards against CET.Unless He gives up his fight, shareholders in CET are facing an uphill battle. And I wouldn't want to be on the opposite side of Tepper, especially when all indications are that his lawsuit against CET has merit.

 

Boz

Your statement is so true, now quite a few players are just going around using there "status" to hit and run. Not caring if they don't get comped again because they know they'll never be going back to that property.

 

Good info guys. Thanks for sharing

 

Anytime, I've got more to post as the week goes in

 

Wow, I didn't think that something like that could happen to them. Shows you that you never know what will happen to a company that was pretty successful.