Yesterday, 11:19 AM
- A report from the Nevada Gaming Control Board indicates revenue in the state fell 8.08% Y/Y in December.
- Revenue from Las Vegas Strip casinos was off 16% during the month.
- Analysts noted the month posed a tough compare, but were still caught off-guard.
- The negative report appears to be impacting sentiment across the gaming sector, although some other factors are also in play.
- Casino stocks:(CZR -4.4%), (CACQ -4.3%), (ISLE -2.7%), (NYNY -3.9%), (UWN -1.6%), (CNTY -1.8%), (MCRI -2.2%), (CHDN -1.5%), (PNK -0.3%), (MGM -3%), (WYNN -2.5%).
Thu, Jan. 29, 2:45 AM
- Despite ruling that Caesars' (NASDAQ:CZR) bankruptcy case should proceed in Chicago, Judge Kevin Gross had plenty of harsh words to say over the asset transfers that were executed before the casino company’s largest unit was put into bankruptcy.
- The judge described creditors’ allegations as "serious," and that the alleged "series of self-dealing transactions" will be "under a magnifying glass" in Chicago.
Wed, Jan. 28, 11:16 AM| Comment!
Tue, Jan. 27, 3:15 AM
- The casino operating unit of Caesars Entertainment (NASDAQ:CZR) should be allowed to choose where to file for bankruptcy even if it misbehaved, the company's lawyers argued on Monday.
- Creditors have alleged that Caesars looted its operating company of $3.6B in assets, leaving it unable to pay its debts.
- Hoping for a less favorable ruling regarding Caesars' debt-cutting plan, creditors are trying to move the Chicago case to Delaware, where they have attempted to push the company into bankruptcy.
Mon, Jan. 19, 3:23 AM
- A judge dealt Caesars Entertainment’s (NASDAQ:CZR) bankruptcy reorganization a possible fatal blow in ruling that the company violated federal law when it shuffled assets and refinanced debt to protect itself from lower-ranking creditors, Bloomberg reports.
- U.S. District Judge Shira Scheindlin said noteholders' allegations about the transfer of valuable properties away from the unit in August - and the parent’s removal of guarantees for creditors - amount to a violation of the federal Trust Indenture Act of 1939.
- Caesars' operating unit filed for Chapter 11 on Thursday, three days after second-lien noteholders filed an involuntary bankruptcy petition in Delaware.
Fri, Jan. 16, 10:34 AM
- The Pennsylvania Gaming Control Board reports table game revenue rose 15.3% in December and slots saw a 6% jump..
- For the year, PA casinos took in 1.44% less than a year ago despite the December rush.
- The Sands Casino Resort Bethlehem (NYSE:LVS) took in 47% more than a year ago during December, while Harrah's Philadelphia (NASDAQ:CZR) also showed strong growth.
- Previously: Let's talk $2 gas (Nov. 29 2014)
Thu, Jan. 15, 10:17 AM
- Caesars Entertainment (CZR -4.9%) and Caesars Acquisition Company (CACQ -5.3%) are both lower after operating unit Caesars Entertainment Operating Company officially files for bankruptcy.
- A hearing is ongoing in Delaware to see if an involuntary filing case there takes precedence over the company's voluntary filing in Chicago.
- The legal drama doesn't affect the operation of Caesars-owned casinos.
Thu, Jan. 15, 2:55 AM
- Caesars Entertainment (NASDAQ:CZR) has officially put its main operating unit into bankruptcy, setting up a showdown with dissident creditors who filed an involuntary bankruptcy against the unit in Delaware on Monday.
- The bankruptcy plan is opposed by junior noteholders, who are expected to ask to move the Chicago case to the Delaware court, as they will get less than 10% of the $5B they are owed.
- Caesars bankruptcy timeline
Wed, Jan. 14, 11:57 AM
- Caesars Entertainment (CZR -4.2%) is looking to prevent a hearing in Delaware before it files a bankruptcy plan for its main operating unit.
- The bankruptcy battle pits creditors aiming for a involuntary filing in Delaware against the company with its voluntary filing plans to protect its interests.
- What to watch: Though gaming revenue in Las Vegas has picked up, Caesars remains handcuffed by its debt and legal battles. The gaming operator also has a higher exposure to Atlantic City where traffic remains depressed.
- CZR bankruptcy timeline
Tue, Jan. 13, 6:20 PM
- An attorney for Caesars Entertainment (NASDAQ:CZR) will seek to wrap a legal shield around the company after operating unit Caesars Acquisition Company (NASDAQ:CACQ) files for bankruptcy, according to Reuters.
- The move is already drawing protests from creditors in the case.
- A Delaware judge will have to rule if extending bankruptcy protection to a parent falls within the legal bankruptcy framework.
- CZR -1.35% after-hours.
Tue, Jan. 13, 5:42 PM
Tue, Jan. 13, 2:24 AM
- A group of hedge funds have filed an involuntary bankruptcy filing to push Caesars Entertainment’s (NASDAQ:CZR) main operating unit into Chapter 11 in an effort to get a jump on the Las Vegas company.
- Caesars wants to split its ailing gambling operation into a REIT and a management company, and planned on placing Caesars Entertainment Operating Company into Chapter 11, although junior creditors don’t like what they are being offered in the restructuring deal.
Mon, Jan. 12, 2:55 PM
- Hedge fund creditors with Caesars Entertainment (CZR -2.5%) want to force the main operating unit of the company into bankruptcy in order to keep the wave of asset swaps from continuing.
- Affiliates of Appaloosa Management, Oaktree Capital Management, and Tennenbaum Capital Partners filed the paperwork.
- The company has indicated it has support from some senior creditors for a proposed plan to split the real estate managing business from the gaming and hotel assets.
- Caesars Acquisiton Company (CACQ -2.6%) is the entity which the company wants to use to manage casino properties, although the deal for CZR to buy CACQ is one part of the legal dispute between the various Caesars players.
- SEC Form 8-K on the restructuring plan
Fri, Jan. 9, 2:02 PM
- The New York Gaming Commission and the Gaming Facility Location Board agrees to consider allowing more than three casino licenses in the southern portion of the state.
- The agency made the decision after receiving a request from Governor Cuomo.
- What to watch: Any gaming company that wins approval to build a casino complex within 80 miles of NYC will have a competitive advantage.
- Previously: Empire Resorts wins NY casino license (Dec. 17, 2014)
- Previously: Atlantic City and new Catskills casino to compete for NYC gamblers (Dec. 31, 2014)
- Related stocks: NYNY, BYD, CZR,
Fri, Jan. 2, 10:06 AM
- The campaign to grow Internet gambling stumbled in 2014 with no new states adopting online betting rules and the three states with legal online gambling - New Jersey, Nevada, Delaware - only seeing moderate growth rates.
- Formidable opposition from within the industry stalled some of the growth efforts.
- What to watch: PokerStars (OTCPK:AMYGF) seeks a license in New Jersey and online gambling advocates are pushing for a bill in California.
- Related stocks: CZR, WYNN, MGM, BYD, PENN, IGT, SGMS.
Dec. 31, 2014, 12:56 PM
- Fitch forecasts gaming revenue in Atlantic City will end up falling 8% to $2.6B in 2014 and slide 6% in 2015 to $2.5B.
- Though the region received some good news when only one casino license was granted by the New York Gaming Facility Location Board earlier this month, regional competition is still a significant factor for AC.
- Surviving AC casinos face a little less competition at home with four of the region's 12 casinos closing this year.
- The ratings agency thinks the state of New Jersey might open up gambling outside of Atlantic City in the future to prevent more traffic loss to Pennsylvania and New York casinos.
- Empire Resorts (NYNY -1.5%), the company which won the license for a casino in the Catskills, plans to build its casino 30 miles closer to the heart of Manhattan than the jaunt is to Atlantic City from mid-town.
- Related stocks: BYD, CZR, MGM.
CZR vs. ETF Alternatives
Caesars Entertainment Corp is a casino-entertainment provider. The Company's business is mainly conducted through its wholly-owned subsidiaries, Caesars Entertainment Operating Company, Inc. and Caesars Entertainment Resort Properties.
Other News & PR