Caesars at War with Investors Over $24 Billion Debt

Caesars at War with Investors Over $24 Billion Debt

Caesars CEO Gary Loveman says his company will not be held hostage by speculators.

The battle between Caesars Entertainment and its own bondholders was ramped up a notch this week as the casino giant filed a lawsuit against a portion that is large of investors, claiming they are wanting to impede the business’s efforts to restructure its financial obligation process, a process that is important to avoid bankruptcy.

Despite being the best-known casino company in the world, Caesars’ long-lasting debt is colossal, standing at an industry all-time high of $23 billion, which outstrips the bankrupt city of Detroit. In-may, the business announced a procedure of debt restructuring, which, while not eliminating any long-term debt, would wipe out more than $1 billion of payments due in 2015.

The procedure, according to Caesars Chairman and CEO Gary Loveman, would ‘lay the inspiration for both de-leveraging that is significant value creation at Caesars Entertainment.’

Lend Us Your Ears…and Everything Else

‘Upon completion of the credit facility amendment … Caesars will have added headroom under its upkeep covenant, providing Caesars with additional stability to execute its business plan,’ he added. ‘If Caesars successfully lists its equity securities, this independent listing should help facilitate the eventual raising of equity also obligation management and debt reduction initiatives.’

However, as Moody’s Investment anal Leggi tutto “Caesars at War with Investors Over $24 Billion Debt”

Month Macau Casino Revenues Down for Third Straight

Month Macau Casino Revenues Down for Third Straight

Macau casinos’ gaming revenues were down for the 3rd consecutive month in August. (Image: TripAdvisor.com)

Macau casino revenues may well not be as dazzling as years back, but the Chinese enclave is in no risk of losing its place once the globe’s largest gambling hub. Every day in terms of pure revenues, Las Vegas and other cities simply can’t compete with the tremendous amounts of money that are thrown around at Macau’s baccarat tables. But when it comes to what seemed like the endless growth for the area, it appears that the party may be over.

For the third straight month, Macau’s video gaming revenues dropped for a basis that is year-over-year. For August, the drop had been 6.1 percent when compared to 2013, a tumble blamed on a campaign that is continued corruption that has hurt the movement of money from mainland China.

Raw Figures Still Good, But Growth Has Stopped

That fall will not be making the casinos in Macau cry poor anytime quickly, though. They still introduced 28.9 billion patacas ($3.6 billion) the thirty days. But analysts had predicted just a 2 % decrease in gambling revenues, making the size of the decrease something of a surprise at a lot more than 3 times that number.

The casino market in Macau has traditionally relied heavily on VIP gamblers whom might spend hundreds of thousands or even millions of bucks in a visit that is single. That market is feeling the strain of a anti-corruption campaign from Leggi tutto “Month Macau Casino Revenues Down for Third Straight”

European Commission Telephone Calls for Online Gambling Wellness Warnings

European Commission Telephone Calls for Online Gambling Wellness Warnings

The Commission that is european has health warnings turn into a component of online gambling adverts. (Image: safetyatworkblog.com)

These days, everyone else is familiar with the ubiquitous warnings found on packages of cigarettes. They’re a little different from country to nation, nevertheless they remind consumers of the well-known health issues that may appear due to smoking each and every time they appear at a pack.

Now, the European Commission wants to see those warnings expanded up to a area that is new on the web gambling. The commission shall ask countries to in turn request that Internet gaming advertisements have warning messages that explain the risks of gambling to watchers.

Recommendations Not Binding

The recommendation, reportedly section of a draft document that was seen by Reuters, comes as europe is expected to suggest tighter controls regarding the gambling that is online this week. None of these guidelines would be legally binding, but they might be taken to heart by some countries, specially those which were already considering tighter rules into the sector.

The recommendations suggest warnings about a few aspects of gambling. For instance, advertisements might mention the chances of winning or losing, contain home elevators getting help for issue gambling, or speak about the risk of becoming addicted. The EU also recommends a ban on Web gambling companies acting as spons Leggi tutto “European Commission Telephone Calls for Online Gambling Wellness Warnings”

Caesars Loyalty Program Transfer May Cause A battle

Caesars Loyalty Program Transfer May Cause A battle

Creditors claim Caesars Atlantic City could possibly be tossed into bankruptcy if Caesars can transfer their loyalty program.

Caesars Entertainment was investing much of the last year making a variety of moves built to reorganize financial obligation and split the parts associated with company that will work from those that are taking a loss.

Though entities like Caesars Growth Partners, the organization has found methods to keep its high performing or promising assets away from the huge debts plaguing the parent company.

That is apparently what Caesars planned regarding their rewards program, called Caesars Enterprise Services.

But now, hedge fund mogul David Tepper is among a small grouping of bondholders that want to stop that transfer in an attempt to keep the valuable program as part of the main company.

Already, four of the 12 casinos that were in operation at the start of 2014 have either turn off or plan to do so before the final end associated with the summer.

Regulators Consider Transfer

The battle comes after the private-equity firms that own Caesars starting requesting approval from state gaming commissions to transfer the rewards entity. On Thursday, it was anticipated that the latest Jersey Casino Control Commission would just take a vote on the move, but that was delayed until next month. Hawaii’s Division of Gaming Enforcement said that they are currently investigating the request, and have not yet dete Leggi tutto “Caesars Loyalty Program Transfer May Cause A battle”