Sorting out how Caesars slid into distress
By J.D. Morris, Las Vegas Sun
The financial mess consuming Caesars Entertainment has been years in the making.
The casino company has struggled with more than $20 billion in debt for about six years. It’s lost money every year since 2009, largely because of its debt payments.
Now, the largest (and most indebted) unit of Caesars is apparently preparing to file for bankruptcy. That doesn’t mean Caesars, the largest operator of casinos in the United States, will cease to exist; it will, presumably, emerge on the other side as a restructured company.
The situation isn’t easy to understand, especially because many details are under wraps while the company negotiates with creditors. But extensive reporting from Laura J. Keller at Bloomberg News, company filings with the Securities and Exchange Commission and analyst comments help clarify some of the complexity.
Caesars is the parent company of Harrah’s Lake Tahoe and Harveys.
Oh for the good old days of the skim !
Many employee’s on being laid off from Harrah’s Tahoe as you read this article. I’m sure the ones that had been on board for a while with the weeks of vaca and at the top of their pay scale, etc. will be first to go, here we go again.
How did they get into this mess? They made someone (Gary Loveman) a CEO who was a math professor. Not someone who had gaming, hospitality, or entertainment experience. Not to mention having no private sector work experience.
But even as they’re financially upside down, and as they’re laying off employees, the failing CEO still feels it’s his right to take the corporate jet
every Weekend on a round trip back home to Boston. Cause he won’t even move to where the company is headquartered, Las Vegas.
He should resign.
Someone in the know should post the name and address of the judge in Reno who let Harrah’s buy Harvey’s. We could all mail him a thank you card.