Tahoe properties part of Caesars unit that is for sale
By Tracy Rucinski, Reuters
When a bankrupt operating unit of Caesars Entertainment went on the market in October, the package consisted of 38 casinos, including Harrah’s Lake Tahoe and Harveys in Stateline. But those watching the sale have focused more on what isn’t being offered.
Potential bidders for CEOC, a casino-operating unit of Caesars Entertainment would be wading into the middle of a costly and complicated bankruptcy, and they note that Caesars has left key assets – including a crucial piece of its big-data customer loyalty program – out of the package.
The offering comes at a time when consumer spending is rising, making regional gaming assets once again desirable.
Analysts and some junior creditors have suggested, however, that Caesars isn’t serious about selling its CEOC operating unit and expressed doubt that the offering will attract any bidders.
First bankruptcy proceedings against the stateline casinos, then a show of declining profits and now their going up for sale.
I sure miss Harvey and Bill… a couple of good guys who never would have let this happen. Old Long Skiis
I wonder if the Ledbetter’s have any interest in Harveys.
While it would be great for our town and the Harrah’s/Harveys employees if the two casinos were sold, seems like this is just a ploy. For instance how does CEOC plan to pull off just selling part, but not all, of its Las Vegas Caesars Palace?
CEOC is probably just trying to say to the bankruptcy court and all the creditors, “See, we couldn’t get anything for the business. So just be happy with the pennies on the dollar we’re offering for our debts.”
In which case, if this ‘attempt’ to sell is not serious, the court battles over Caesars are going to go on for a long time.
Even CEOC’s best case scenario has them waiting until March just to put a plan together to come out of Chapter 11. And the plan would still have to be approved & implemented.
Meanwhile, to have the first two casinos at our Stateline in such a limbo land, does not help our town’s economy! I refer you to the latest gaming #’s.
The good people continue to jump ship from Harrah’s/Harveys. And those still working there walk into their jobs everyday both nervous & unhappy.
But hopefully I’m incorrect?! Maybe both casinos do sell? And it’s to an entity that will lead them to a rebound?