{"id":15319,"date":"2015-01-12T14:23:12","date_gmt":"2015-01-12T22:23:12","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15319"},"modified":"2020-12-08T06:57:07","modified_gmt":"2020-12-08T14:57:07","slug":"rendering-unto-caesars-debtors-missouri-bounces-back","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/rendering-unto-caesars-debtors-missouri-bounces-back\/","title":{"rendered":"Rendering unto Caesars’ debtors; Missouri bounces back"},"content":{"rendered":"

Before Caesars Entertainment<\/strong> could file for bankruptcy, second-tier bondholders struck first. They have filed with a U.S. bankruptcy court in Delaware<\/strong>, seeking to supersede \"IMG-20130507-00006\"<\/a>Caesars’ prepackaged bankruptcy. At issue are the controversial transfer of highly valuable Caesars assets into subsidiary Caesars Acquisition Co<\/strong>., shielding them from Chapter 11. “Insiders paid themselves hundreds of millions of dollars while moving assets out of the reach of second-lien debt holders, according to the filing,” asserts\u00a0the filing, as summarized by Bloomberg News<\/em>.<\/p>\n

The document itself makes the following j’accuse<\/em>:\u00a0\u201cThese insider transactions stripped the debtor of most of its valuable income-generating assets and hundreds of millions of dollars of cash, leaving the debtor burdened with massive debt that cannot be repaid.\u201d Caesars dismissed the filing as a “ploy” and vowed to continue normal operations. By choosing a Delaware court, in a state where Caesars lacks a presence, Appaloosa Investment<\/strong> and its co-plaintiffs are seeking an advantage in venue over a state where Caesars’ ubiquity might gain it a sympathetic ear from the bench. It is also probably a move to stave off Caesars and co-owners Texas Pacific Group<\/strong> and Apollo Management<\/strong> from retaining any equity in the company.<\/p>\n

Judging from the litigation it’s engendered<\/a>, Gary Loveman<\/strong>‘s strategy of cleaving his company into a big “bad Caesars” and a smaller “good Caesars” may have been more trouble than it’s worth.<\/p>\n

* As was the case across the Upper Midwest, Missouri<\/strong> ended 2014 with an upswing. Admissions were 2% higher last year and player spending rose 2%, too. Isle of Capri Casinos<\/strong> had a particularly good month, its four properties up 12.5%, led by Lady Luck \"Ameristar<\/a>Carustherville<\/strong> (+18%, $3 million), and Caesars didn’t do too badly at Harrah’s North Kansas City<\/strong>, where revenues rose 10%. In the St. Louis<\/strong> market, Penn National Gaming<\/strong> slipped a bit at Hollywood Casino St. Louis<\/strong> (-2%) while neighbor Ameristar St. Charles<\/strong>\u00a0(left<\/em>) was up 10%, leading the market with $22.5 million. Tropicana Entertainment<\/strong> is having trouble<\/a> getting Lumiere Place<\/strong> turned around, with an eye-catching 15.5% falloff. By contrast, Pinnacle Entertainment<\/strong>‘s River City<\/strong> enjoyed an 8% bump, grossing 18%.<\/p>\n

Pinnacle’s Ameristar Kansas City<\/strong>\u00a0fared less well, declining 1% (despite grossing a market-leading $16 million), as Penn’s Argosy Riverside<\/strong> made a 6.5% gain. Rounding out the market, Isle of Capri Kansas City<\/strong> leapt 16% on $6 million.<\/p>\n

* There’s a sudden rush to get into Massachusetts<\/strong>‘ southeastern casino region. However, all the applicants to date are small fry<\/a>. And there’s no sign of former aspirant Foxwoods Resorts Casino<\/strong>, which is having serious financial problems on the home front.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,164,166,7,85,112,39,69,30,21],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15319"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=15319"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15319\/revisions"}],"predecessor-version":[{"id":28895,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15319\/revisions\/28895"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}