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Thread: Caesars will face lawsuits over bankruptcy before it can protect parts of the company

  1. #1
    Owner Dan Druff's Avatar
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    Caesars will face lawsuits over bankruptcy before it can protect parts of the company

    http://www.reviewjournal.com/busines...hield-lawsuits

    This is a huge blow to Caesars Entertainment's plan to split off the best assets away from the main Caesars, and then have only the crap portions of the company declare bankruptcy.

    Basically, a judge denied Caesars' request to shield it the parent company from lawsuits over the bankruptcy.

    This could be the beginning of the end.

  2. #2
    great news for fucking sanity and the capital markets...

    cant wait to see these fuckers fry...

  3. #3
    Owner Dan Druff's Avatar
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    Quote Originally Posted by GambleBotsChafedPenis View Post
    great news for fucking sanity and the capital markets...

    cant wait to see these fuckers fry...
    You know, I won't shed any tears for Caesars, but selfishly I hope they survive because they have the best rewards program, and I have become an expert on it.

    As I've said many times before, what's bad about Caesars is also what's good about Caesars.

  4. #4
    I am honestly surprised that they haven't fucked up the seven starts shit...im not shitting you when I say this company has probably fucked up pretty much every decision humanly possible...

    its run by a bunch of fucking morons who have no clue how to grow a business...they are just holding on and praying to god that shit is going to change and miraculously people will start coming to their shithole casinos because they are there...

    might be different out in vegas, but it's that way in the most competitive market in the country, the east coast...I get that vegas is competitive, but vegas will always be vegas...people will always go out there even if they frequent their local casinos...in the east coast nowadays there is almost zero reason to leave your backyard if a casino is there...

  5. #5
    Owner Dan Druff's Avatar
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    Quote Originally Posted by GambleBotsChafedPenis View Post
    I am honestly surprised that they haven't fucked up the seven starts shit...im not shitting you when I say this company has probably fucked up pretty much every decision humanly possible...

    its run by a bunch of fucking morons who have no clue how to grow a business...they are just holding on and praying to god that shit is going to change and miraculously people will start coming to their shithole casinos because they are there...

    might be different out in vegas, but it's that way in the most competitive market in the country, the east coast...I get that vegas is competitive, but vegas will always be vegas...people will always go out there even if they frequent their local casinos...in the east coast nowadays there is almost zero reason to leave your backyard if a casino is there...
    Oh, they have fucked up Seven Stars, with one laughable fail or gaffe after another.

    However, it still has the best guaranteed benefits of any rewards program out there. This, of course, isn't good for them. The word guaranteed is the key here, and it runs contradictory to the what-have-you-done-for-me-lately casino comps model (a model which is generally correct). In fact, it contradicts Caesars' own comp model, which is maddening for hosts who know a bonus whore when they see one, yet can do nothing to deny benefits to them.

    They have also tightened their belts on offers/comps (not including the guaranteed benefits, which really only help the bonus whores), while companies like MGM, Wynn, and others are still much more generous.

    So that also isn't helping. It's a vicious cycle. Tightening comps does cut down on expenses, but players also notice.

    They still haven't retooled their own marketing computer to identify the reliably losing players with actual value, and separate them from both the bonus whores and the slowly-losing-video-poker-nits. They also don't understand their customer base well, and what that base actually wants and doesn't want.

    And then of course, there's all the debt they took on several years ago, which is their biggest problem.

    In recent years, the only thing they've done right is the WSOP, and they're doing that right from a marketing/business standpoint, but not really from an operations standpoint.

  6. #6
    Quote Originally Posted by Dan Druff View Post
    Quote Originally Posted by GambleBotsChafedPenis View Post
    I am honestly surprised that they haven't fucked up the seven starts shit...im not shitting you when I say this company has probably fucked up pretty much every decision humanly possible...

    its run by a bunch of fucking morons who have no clue how to grow a business...they are just holding on and praying to god that shit is going to change and miraculously people will start coming to their shithole casinos because they are there...

    might be different out in vegas, but it's that way in the most competitive market in the country, the east coast...I get that vegas is competitive, but vegas will always be vegas...people will always go out there even if they frequent their local casinos...in the east coast nowadays there is almost zero reason to leave your backyard if a casino is there...
    Oh, they have fucked up Seven Stars, with one laughable fail or gaffe after another.

    However, it still has the best guaranteed benefits of any rewards program out there. This, of course, isn't good for them. The word guaranteed is the key here, and it runs contradictory to the what-have-you-done-for-me-lately casino comps model (a model which is generally correct). In fact, it contradicts Caesars' own comp model, which is maddening for hosts who know a bonus whore when they see one, yet can do nothing to deny benefits to them.

    They have also tightened their belts on offers/comps (not including the guaranteed benefits, which really only help the bonus whores), while companies like MGM, Wynn, and others are still much more generous.

    So that also isn't helping. It's a vicious cycle. Tightening comps does cut down on expenses, but players also notice.

    They still haven't retooled their own marketing computer to identify the reliably losing players with actual value, and separate them from both the bonus whores and the slowly-losing-video-poker-nits. They also don't understand their customer base well, and what that base actually wants and doesn't want.

    And then of course, there's all the debt they took on several years ago, which is their biggest problem.

    In recent years, the only thing they've done right is the WSOP, and they're doing that right from a marketing/business standpoint, but not really from an operations standpoint.
    yup, that's their motto...if it's not nailed down (from an expense standpoint), cut the fuck outta it...its LOL bad to do that to comps (within reason) because you are asking people to take a ton of -EV decisions over and over and over again and take the pounding up the ass over and over and over again...why the hell am I gonna do that if i'm getting x% from you but somebody else is gonna offer me x+5 or x+10%...

    fucking with 7 stars and diamonds is about the stupidest fucking thing you can do from a marketing standpoint...they should literally be sucking the dick of most 7 stars and diamonds...its the only chance they have of doing anything...like your restaurant example from awhile back...the fact that you as a 7* were 2 minutes late or whatever, it doesn't matter...you should be accommodated without question in that spot...the hostess was a fucking cunt for pulling the shit she did...she shoulda had her ass fucking fired on the spot...the fact that a front line employee doesn't know to very slightly bend a rule for a 7* is laughable...

    agree with your take on IDing players...roulette degens should have the carpet rolled out for them...marketing is just so overwhelmed they don't have a prayer of segmenting like that...

    the debt is the cause of the whole fucking thing...it all trickles down from there...they literally levered up at the top of their 2nd biggest market's top...

    this company as its presently constituted will continue to struggle because they are pricing every decision to perfection...if they miss on anything it will fuck them in someway...and anybody who has been in any business for any sorta time knows that businesses don't run perfectly...there are always hiccups...trying to run a business perfectly is a recipe for disaster...

  7. #7
    The stock is crashing
    Shares in Caesars Entertainment Corp (CZR.O) shed 16 percent on Monday after a U.S. judge cleared the way for $11.4 billion in lawsuits against the casino group, which Caesars had warned could plunge it into bankruptcy alongside its operating unit.

    On Friday, U.S. Bankruptcy Judge Benjamin Goldgar in Chicago declined to renew a stay on litigation by bondholders who allege Caesars reneged on guarantees of bonds issued by unit Caesars Entertainment Operating Co. The operating unit filed for bankruptcy in January 2015 with $18 billion in debt.

    Shares of the Nevada-based gaming company were trading at $6.28 by 9:58 a.m. ET (1358 GMT), recovering from a year low of $5.39 hit in initial trading.
    http://www.miraclecovers.com

    "Donk down, thatís what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

  8. #8
    Quote Originally Posted by Shizzmoney View Post
    The stock is crashing
    Shares in Caesars Entertainment Corp (CZR.O) shed 16 percent on Monday after a U.S. judge cleared the way for $11.4 billion in lawsuits against the casino group, which Caesars had warned could plunge it into bankruptcy alongside its operating unit.

    On Friday, U.S. Bankruptcy Judge Benjamin Goldgar in Chicago declined to renew a stay on litigation by bondholders who allege Caesars reneged on guarantees of bonds issued by unit Caesars Entertainment Operating Co. The operating unit filed for bankruptcy in January 2015 with $18 billion in debt.

    Shares of the Nevada-based gaming company were trading at $6.28 by 9:58 a.m. ET (1358 GMT), recovering from a year low of $5.39 hit in initial trading.
    really surprised the equity is still worth that much given this ruling...

  9. #9
    Quote Originally Posted by GambleBotsChafedPenis View Post
    Quote Originally Posted by Shizzmoney View Post
    really surprised the equity is still worth that much given this ruling...
    I'm sure a lot of the debt they took on was to buyback stock to prop up the price.
    http://www.miraclecovers.com

    "Donk down, thatís what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

  10. #10
    Owner Dan Druff's Avatar
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    CZR now worth about 1/4 of what it was on March 3, 2014.

    Still above its Nov 5 2012 low of 5.14 though, but we're getting there.

  11. #11
    Platinum ftpjesus's Avatar
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    Breaking news on Bankruptcy front.

    Ceasers has apparently increased their offer by an additional 1.68B towards settling credit claims. This pushes the offer on the table to just under 50% of the nearly $12B creditors claim is owed by Ceasers.

    In market news this caused a huge jump of 21% in Ceasers stock to over $8/ share at today's close.

  12. #12
    Quote Originally Posted by ftpjesus View Post
    Breaking news on Bankruptcy front.

    Ceasers has apparently increased their offer by an additional 1.68B towards settling credit claims. This pushes the offer on the table to just under 50% of the nearly $12B creditors claim is owed by Ceasers.

    In market news this caused a huge jump of 21% in Ceasers stock to over $8/ share at today's close.
    I read a blurb on this and hope my memory is right on this...the PE guys and insurance companies are kicking in more to facilitate the above transaction but by doing this I think the PE guys would still get to keep equity in the company...I hope the creditors go tell these cocksuckers to pound sand...the fucking PE dipshits ran this fucker into the ground with the leverage...they shouldn't have any equity stake in the company...they fucked it up, they should pay the consequences for that...

  13. #13
    Platinum ftpjesus's Avatar
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    Quote Originally Posted by GambleBotsChafedPenis View Post
    Quote Originally Posted by ftpjesus View Post
    Breaking news on Bankruptcy front.

    Ceasers has apparently increased their offer by an additional 1.68B towards settling credit claims. This pushes the offer on the table to just under 50% of the nearly $12B creditors claim is owed by Ceasers.

    In market news this caused a huge jump of 21% in Ceasers stock to over $8/ share at today's close.
    I read a blurb on this and hope my memory is right on this...the PE guys and insurance companies are kicking in more to facilitate the above transaction but by doing this I think the PE guys would still get to keep equity in the company...I hope the creditors go tell these cocksuckers to pound sand...the fucking PE dipshits ran this fucker into the ground with the leverage...they shouldn't have any equity stake in the company...they fucked it up, they should pay the consequences for that...
    From what I read I thought it was folks actually on the board and thst essentially they were being forced to hand over stock to the creditors. It seems like smoke and mirrors because the 1.68B is based on stock values. If the stock tanks the offer is no different then offering some cases of toilet paper for the creditors to wipe their asses with

  14. #14
    Owner Dan Druff's Avatar
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    It's pretty much over:

    http://www.flushdraw.net/news/caesar...ruptcy-battle/

    Caesars has reached a deal with second lienholders, increasing their share from 39 cents on the dollar to 66 cents on the dollar.

    Bankruptcy will be aborted, and all lawsuits will be dropped, except for a relatively small $160 million suit which will not have a major impact on the company either way.

    Long live Caesar!

  15. #15
    Here is a screen capture of a blog I wrote in 2012 about the disaster of Caesars Entertainment and the shenanigans involved. I predicted its doom in 2015 where they filed for bankruptcy. The link for the civil complaint is http://ag.ca.gov/cms_attachments/pre..._penalties.pdf and Hamlet Holdings http://www.secinfo.com/d14D5a.tmhp.htm

    Name:  Caesars corruption 2012.jpg
Views: 147
Size:  422.5 KB

    The New York Post said in this article today http://nypost.com/2016/10/03/apollo-...rts-investors/ that CalPERS and CalSTRS are going to lose billions of dollars with the bankruptcy settlement!
    Last edited by JSTAT; 10-03-2016 at 11:43 PM.
    Sharing my love of card counting and casinos without charge. https://twitter.com/Casino_Examiner

  16. #16
    Owner Dan Druff's Avatar
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    Yeah, that's unfortunate.

    I guess the California Teachers Union did a poor job picking which funds to invest pension money.

    Oops.

    Interesting, though. I would have never thought California public school teachers would have been affected by this mess.

  17. #17
    Platinum ftpjesus's Avatar
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    Quote Originally Posted by Dan Druff View Post
    Yeah, that's unfortunate.

    I guess the California Teachers Union did a poor job picking which funds to invest pension money.

    Oops.

    Interesting, though. I would have never thought California public school teachers would have been affected by this mess.
    Apollo's had a bad year or so Id dare say.. Between this issue with Ceasers and then the dump Univ of Phoenix has taken they've really taken a financial beatdown.

  18. #18
    Caesars reaches deal with lone remaining holdout junior creditor

    https://t.co/l2dKPGrmBn

    Trilogy, which held only $9.4m of CEOCís $18.4b of debt, had mounted a surprise last-minute assault on the deal Caesars had reached with its other junior creditors, a deal that had taken nearly two years to negotiate. Caesars was forced to extend its stated deadline last week to continue efforts to try to bring Trilogy on board.

    The Trilogy deal now leaves just one more niggling obstacle to CEOCís restructuring, which will see the company split into a casino management firm and a real estate investment trust, The company is still fighting with the National Retirement Fund over CEOC employee pensions, but Caesars bankruptcy lawyers claim theyíre close to resolving this issue.

    While CEOCís path back to solvency appears set, the restructuring must be approved by the federal bankruptcy watchdog. But a US Trustee attorney suggested last week that winning that approval wasnít necessarily a slam dunk.

    In exchange for Caesars upping its repayment offer to something approximating adequate, junior creditors were required to forego their lawsuits against the parent company and absolve the parent of further responsibility for CEOCís debts.

    Itís this legal absolution that isnít sitting right with the feds. In a filing with the Chicago bankruptcy court, US Trustee attorney Denise Delaurent said that, from the departmentís perspective, ďeven if everyone comes to an agreement, it might still violate the law.Ē
    http://www.miraclecovers.com

    "Donk down, thatís what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

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