Category Archives: Harrah's

The fall and rise of Gary Loveman

Posted on February 6, 2015 by David McKee

In a bankruptcy as enormous as that of Caesars Entertainment, you would expect its primary culprit to be held responsible — and this has happened, after a fashion. Gary Loveman is relinquishing his titles as president and CEO, but will … Continue reading →

Posted in Carl Icahn, Harrah's, history, Wall Street | 4 Comments

Weak quarter for Las Vegas Sands; Penn weathers a blow

Posted on January 29, 2015 by David McKee

There was definitely some grit in the 4Q14 financial results for Las Vegas Sands‘ Strip properties. Table play was down $102 million, or 16%. And those players who showed up played lucky. Table revenue was down 26%, or $37 million. … Continue reading →

Posted in California, Election, Harrah's, Indiana, Japan, Macau, Massachusetts, MGM Mirage, Penn National, Racinos, Sheldon Adelson, Singapore, The Strip, Tribal, Wall Street, West Virginia | Comments Off

Case Bets: IGT, Hard Rock, Golden Gaming

Posted on January 28, 2015 by David McKee

Profits were slimmer for International Game Technology in 1Q15, with the company reporting $35 million, 56% less than a year ago. IGT, which is in the process of being acquired by GTECH, offered little commentary on the results. CEO Patti … Continue reading →

Posted in Colorado, Columbia Sussex, Dining, Harrah's, Lake Tahoe, Lyle Berman, Maryland, Regulation, Sam Nazarian, Slot routes, Warner Gaming | 1 Comment

Caesars wins big

Posted on January 28, 2015 by David McKee

Ruling earlier than expected, U.S. Bankruptcy Court Judge Kevin Gross handed Caesars Entertainment a massive, possibly decisive victory in its bankruptcy fight, transferring the case from Wilmington to Chicago. Gross ruled that Caesars, despite some behavior that “on its face … Continue reading →

Posted in Current, Delaware, Harrah's, Illinois, Wall Street | 1 Comment

Caesars on the defensive

Posted on January 27, 2015 by David McKee

It’s Chicken Little time at Caesars Entertainment, where the company is sketching gloom-and-doom scenarios unless the court system goes along with its preferred timeline for a prepackaged bankruptcy. “If you go to the earlier filing day, you likely jettison the [restructuring support agreement],” … Continue reading →

Posted in Carl Icahn, Delaware, Environment, Fontainebleau, Harrah's, Illinois, Louisiana, Wall Street | Comments Off

Where will the Caesars fight be fought?

Posted on January 26, 2015 by David McKee

In the battle between Caesars Entertainment and its dissident creditors, the opening route — the choice of venue — may be the decisive one. As noted previously, Caesars wants the case heard in Chicago and not in Wilmington, even though … Continue reading →

Posted in Delaware, Economy, Harrah's, Illinois, Macau, Massachusetts, MGM Mirage, Sports, The Strip, Wall Street | Comments Off

Possible rescue for Delaware tracks; New boss in Atlantic City

Posted on January 23, 2015 by David McKee

Going against Gov. Jack Markell (D), Delaware lawmakers are wrapping up a relief package for the state’s beleaguered racino industry. The tax rate on table games would be cut from 29% to 15% and the $3 million licensing fee would … Continue reading →

Posted in Atlantic City, Cordish Co., Delaware, Harrah's, Maryland, Politics, Racinos, Taxes | Comments Off

New chief at Resorts World; Pay cut for Wynn

Posted on January 21, 2015 by David McKee

In a change of horses that might kick-start development of dormant Resorts World Las Vegas, boss Christian Goode is out, replaced by Gerald Gardner, a former top aide to Nevada Gov. Brian Sandoval. The groundbreaking for the project has now … Continue reading →

Posted in Charity, Cordish Co., Florida, Genting, Harrah's, Maryland, New York, Steve Wynn, The Strip | Comments Off

Straub holds Revel hostage; Caesars cutbacks begin

Posted on January 21, 2015 by David McKee

Revel continues to be a bone of contention. Utility supplier ACR Energy Partners is leading a group of creditors attempting to block the sale of Revel to Glenn Straub. The latter, they assert, could simply walk away from all contracts, claims, … Continue reading →

Posted in Atlantic City, Carl Icahn, Dining, Glenn Straub, Harrah's, Revel, The Strip, Trump Entertainment Resorts | 1 Comment

Politicians desert Atlantic City; Cuomo dreams on

Posted on January 20, 2015 by David McKee

Despite four years of yeoman’s work repairing and altering Atlantic City‘s image, the Atlantic City Alliance is being abandoned like an orphan on the church steps. State Senate President Steve Sweeney (D, left) blamed the casinos for killing it off … Continue reading →

Posted in Atlantic City, Boyd Gaming, Cordish Co., Harrah's, Marketing, Maryland, New York, Pennsylvania, Politics, Tourism, Wall Street | Comments Off

Celebrity Caesars investors get clipped

Posted on January 20, 2015 by David McKee

As the opposing sides entrench for an acrimonious battle over the assets of Caesars Entertainment, a few early losers are emerging. Unsecured creditor Robert DeNiro‘s Nobu in Caesars Palace is owed $459,964 and loud-mouthed chef Gordon Ramsay can yell all he … Continue reading →

Posted in Atlantic City, Boyd Gaming, Charity, Dining, Harrah's, Internet gambling, New York, Reno, The Strip, Tourism, Transportation, World Series of Poker | Comments Off

Caesars bankruptcy stymied; Big Total Rewards payday

Posted on January 19, 2015 by David McKee

Just when it looked like Gary Loveman & Co. were going to get away with murder in the Caesars Entertainment Operating Co. bankruptcy, U.S. District Judge Shira Scheindlin said, in essence, ‘Not so fast.’ Judge Scheindlin found the movement of assets … Continue reading →

Posted in Entertainment, Harrah's, Marketing, South Korea, The Strip, Wall Street | Comments Off

Loveman succeeds: Caesars bankrupt

Posted on January 15, 2015 by David McKee

Not wasting any time, CEO Gary Loveman put Caesars Entertainment Operating Co. into Chapter 11 today, filing the motion in Chicago to circumvent a Delaware lawsuit. (The reason for the Windy City filing may go a lot deeper than proximity … Continue reading →

Posted in Boyd Gaming, Delaware, Economy, GLPI, Harrah's, Illinois, Lake Tahoe, Louisiana, Mississippi, New York, Penn National, Pinnacle Entertainment, Racinos, The Strip, Tilman Fertitta, Wall Street | Comments Off

Atlantic City hangs in there; Mississippi mulls i-poker

Posted on January 15, 2015 by David McKee

When it comes to Atlantic City it literally is a question of whether the glass is half-empty or half-full. The city’s casinos are 48% off their 2006 high of $5.2 billion. In 2014, the decline was slowed somewhat by $123 … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Economy, Harrah's, Horseracing, International, Mississippi, Politics, Revel, Sports, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | Comments Off

Boffo Christmas for Borgata; ColSux loses again

Posted on January 14, 2015 by David McKee

There wasn’t a lot of Christmas cheer to be had in Atlantic City, where citywide gambling revenues fell 13%. However, for the surviving operators, the take was up 7% on a “same-store” basis (i.e., discounting the casinos that have closed). … Continue reading →

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Columbia Sussex, Harrah's, history, Internet gambling, Kentucky, Mohegan Sun, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | Comments Off

Caesars’ hand forced; Pick a peck of Packer

Posted on January 14, 2015 by David McKee

Efforts by Appaloosa Management and others to push Caesars Entertainment Operating Co. into an involuntary bankruptcy have lit a fire under Caesars. The company is moving its planned bankruptcy filing up from Jan. 20 to tomorrow. Appaloosa and cohorts Tennenbaum Capital Partners … Continue reading →

Posted in Genting, Geoff Freeman, Harrah's, James Packer, Movies, Philippines, Politics, The Strip, Wall Street | Comments Off

Caesars’ shell game; Phua gambit backfires

Posted on January 13, 2015 by David McKee

Caesars Entertainment continues to plow toward a Jan. 20 prepackaged bankruptcy filing, but it’s got a tough row to hoe. For one thing, it must get around the involuntary bankruptcy motion by Appaloosa Management, Oaktree Capital Management and Tennenbaum Capital Partners. … Continue reading →

Posted in Harrah's, International, Regulation, Wall Street | Comments Off

Start making sense; Walker dodges a bullet

Posted on January 12, 2015 by David McKee

“Indianapolis is making it impossible to run cities,” complains Hammond Mayor Thomas McDermott Jr., who’s nettled by a proposal to eliminate the $3 admission fees Indiana casinos pay on behalf of their customers. The port authority of Hammond is run … Continue reading →

Posted in Atlantic City, Economy, Entertainment, Greenwood Racing, Harrah's, Horseracing, Indiana, Macau, Melco Crown Entertainment, Pennsylvania, Regulation, Tribal, Wisconsin | 1 Comment

Rendering unto Caesars’ debtors; Missouri bounces back

Posted on January 12, 2015 by David McKee

Before Caesars Entertainment could file for bankruptcy, second-tier bondholders struck first. They have filed with a U.S. bankruptcy court in Delaware, seeking to supersede Caesars’ prepackaged bankruptcy. At issue are the controversial transfer of highly valuable Caesars assets into subsidiary … Continue reading →

Posted in Ameristar, Delaware, Foxwoods, Harrah's, Isle of Capri, Massachusetts, Missouri, Penn National, Pinnacle Entertainment, Tropicana Entertainment | Comments Off

Caesars, bankrupt, rewards Loveman

Posted on January 8, 2015 by David McKee

Both sides in the Caesars Entertainment bankruptcy are playing hardball. According to Bloomberg News, senior bondholders don’t care for what Caesars is offering and want a bigger payday. “Investors who say they own $1.6 billion in Caesars first-lien notes hired … Continue reading →

Posted in Harrah's, Louisiana, South Korea, The Strip, Wall Street | 1 Comment