- Caesars Entertainment (CZR) has backed out of an attempt to win a casino permit with a horse-racing track operator in Boston after the Massachusetts Gaming Commission recommended that Caesars not be licensed in the state.
- Caesars CEO Gary Loveman said one reason for Massachusetts' decision was concern about the company's finances - it has $23B in debt - while another was the alleged ties to Russian organized crime at Gansevoort Hotel, with which Ceasars was involved in a project in Las Vegas.
- Caesars has dropped Gansevoort from that scheme, but that wasn't enough for Massachusetts' regulators.
- Caesars was competing to build the $1B casino in partnership with the Suffolk Downs racetrack, in which Caesars has a stake. Suffolk Downs could now partner with another operator, such as Wynn Resorts (WYNN), which is also vying for the license in the Massachusetts.
Caesars withdraws from $1B casino project in Massachusetts
Oct 20 2013, 03:21 ET