Caesar's Entertainment ( AKA Harrah's ) filed for bankruptcy this morning

[JWC Super Moderator Find all posts View Profile Close JWC]

This was a long time coming. Caesar's Entertainment owns Caesars Palace, Harrah's, Link, Flamingo, Ballys, Paris, and Planet Hollywood all on the Las Vegas strip as well as several others in other locations.

http://www.cbsnews.com/news/main-uni...or-bankruptcy/

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Dam did not think it would hit Vegas. And this morning there talking about building a Casino at the Nassau Coliseum.

[AndySamuels Junior Member Find all posts View Profile Close AndySamuels]

Interesting. They want to move all assets into one corporation and then lease them back through another. They also want to shed a lof debt / convert debt to more favorable terms. They will probably get it.

[JWC Super Moderator Find all posts View Profile Close JWC]

I have been a Diamond card member for several years at Harrah's so have followed their financial problems pretty closely. They are grossly over leveraged with a huge debt and will probably have to sell some of their properties if they hope to survive.

The only Harrah's property that is safe is the Harrah's Southern California Resort ( aka Harrah's Rincon ). The Indian tribe owns it but Harrah's manages it. They just upgraded the resort with another hotel tower, lazy river, and several other amenities. They do a great business.

[AndySamuels Junior Member Find all posts View Profile Close AndySamuels]

Most creditors will accept a deal / settlement: in the case of an implosion they would lose near to 100%.