They spent $30 Billion to take the company private. Not a great decision. They are victims
http://dealbook.nytimes.com/2015/01/15/caesars-unit-files-for-chapter-11-bankruptcy-protection/?_r=0
Legal notice in the USA Today. Includes a bunch of casinos like Ballys, Harrahs and Flamingo....
I know a woman who has worked as a controller for Caesar's for 25 years and she took early retirement, things are such a mess. They had an open check book policy for a couple of years and kept hiring consultants to try and fix things, which she said caused more of a mess. Folding was inevitable.
The two private equity firms that bought the hotels and then loaded on the debt. I believe this was a pre planned bankruptcy and it's just a bunch of Wall Street types doing some finacial engineering.
They never went bankrupt....
and they were WAY more ethical. Sadly, this is not intended as humor.
They spent $30 Billion to take the company private. Not a great decision. They are victims
http://dealbook.nytimes.com/2015/01/15/caesars-unit-files-for-chapter-11-bankruptcy-protection/?_r=0
The leveraged buyout was a good idea, their timing was atrocious. The chapter 11 filing is unlikely to result in MGM or anyone else acquiring the properties. It is likely to stiff the unsecured creditors and result in the secured creditors taking an ownership interest in the properties. That will be followed by an IPO when market conditions are favorable.
The list of bad investments along the LV strip is not a short one, City Center, Cosmopolitan, Echelon and Fontainbleau all qualify.
The Aria was projected to generated $250 per night on a RevPAR (Revenue Per Available Room basis. I have stayed there for $79/night.
Las Vegas presently has too much inventory to justify additional investment. I think the Resorts World construction on what was to the Echelon site is likely to be a disaster.
The problem is not only hotel rooms, but alternative lodging choices like timeshares and private residences available in properties like the Venetian and Wynn.
I am avoiding casino stocks at this point.
Filing bankruptcy then stifffed her lawyer.
Not sure if that was kinda awesome or not, considering there isn't really anything awesome about that story at all.
xx
You really think her lawyer took the case to get paid? Really? He knew his chances of getting 'paid' were slim and none.
52 week high and low.. Many companies do it.. You never know it could be like the Mgm stock.. (I think that's the one that split and paid mass dividends.. late 2000's.. 2011?
someone may know the details better
I just read and learn and live it.. Im not the best messenger 
wink
I doubt the president will bail them out hahaha!!!