Caesars seeks to sell 7 million shares
By Howard Stutz, Las Vegas Review-Journal
Caesars Entertainment Corp. filed paperwork with the Securities and Exchange Commission Thursday to sell an additional 7 million shares of stock.
Based on Thursday’s closing price on the Nasdaq Global Select, the company would raise almost $148 million.
No date was given for the proposed sale. Caesars and it private equity owners, TPG Capital and Apollo Global Management, agreed to a 60-day lock-up period after the date of the prospectus filing in which they wouldn’t sell any of their wholly owned shares.
Caesars has undertaken several efforts recently to repair its balance sheet, which has a gaming-industry-high $23 billion in debt.
Sounds like a GREAT investment!
23 BILLION in debt! How long do I have to beat Warren Buffet to this Golden Goose!
seems like they’re about as good with their balance sheet as they are with employee relations
Since they have a stranglehold on such a large portion of our gaming market, though the Horizon revamp should shrink it some, you just hope they don’t take Tahoe’s economy down with them?! That’s not just talk. Their Tahoe properties keep doing less & less business!
A neat win-win would be if they sold one of their Tahoe properties. It would lower their debt and increase competition in town. But I guess Caesars would rather try to control our town and instead use financial schemes in their attempt to climb out of the hole they’re in?
Parker, just an FYI.
Caesar’s Entertainment owns Harrah’s and Harvey’s, not the Horizon or Mt Bleu.
Did I say they owned Horizon or Montbleu? Why would I state that a Horizon revamp would reduce the Caesars stranglehold if I thought that?
Harrah’s and Harveys, both when they were separate, and now that they’re together, have always controlled over at least 70% of the market. And that’s going back to when the Horizon was a viable entity!
It’s probably at about 80% of the market now. Montbleu does provide competition, and its trend line has in recent years been much better than Harrah’s/Harveys. And the revamped Horizon will provide even more competition. But the first two properties just across the Stateline will always be the most important for the viability of Tahoe’s Gaming Market!
Parker, easy there turbo!
The way you framed your statement made it sound like you were insinuating the Horizon was a Caesar’s property.
Sorry if I misinterpreted your comment.
Spot on Parker. Also Harvey’s was a huge draw for Tahoe that was destroyed by Harrah’s. Is the party still at Harvey’s? Not so much. I worked there for 8 years at front services and never once did a guest tell me they loved what Harrah’s did with the place. I got nothing but complaints and stories about how they remember Harvey’s in the good old days. I think it would greatly benefit the town if they sold it and brought in some more competition.
Has anyone heard an estimate for the cost of the remodel/up-grade for the Horizon?
I remember a figure of $30,000,000 plus for the Mount Blue and they didn’t up-grade the rooms. At least not all of them. I have stayed in a room with the old deep bath tubs last year.
I hope the powers that be cooperate with the Park family. This seems like one hell of a gamble.
I would love to see them buy Harvey’s and tear down the Horizon.