Caesar's credit rating lowered two more notches by Standard and Poor's
http://www.casino.org/news/standard-...-credit-rating
Quote:
According to a statement released by S&P credit analyst Melissa Long, even the sale of four casinos to the Caesars Growth Partners (CGP) subsidiary won’t provide relief from the $23 billion in long-term debt held by the parent company.
Long believes that Caesars may not be able to meet its $3.5 billion in debt obligations that will mature in 2015. These factors saw Caesars’ corporate credit rating drop from CCC+ to CCC-, keeping it in junk grade territory.
:what
Quote:
Cash flow has been a growing problem for Caesars in recent years. According to data from Bloomberg, Caesars burned $730.5 million in cash last year, up from $497.5 million the year before. According to the S&P analysis, Caesars is likely to spend another $1.2 billion in cash this year to meet their expenses. The company has failed to show a profit in any year since 2009.
As a frequent and active customer of Caesar's Entertainment over the past several years, none of this is a surprise. It is amazing how incompetent they are, across several fronts.
I have $2300+ in reward credits there, which are comp dollars. I wonder if I should spend them before they are rendered useless.