Thu, Jul. 23, 8:26 AM
- The threat of bankruptcy now lingers around Caesars Entertainment (NASDAQ:CZR) after a devastating court ruling sent shares crashing late yesterday, down 40.7% at the bell.
- The company says it will fight the decision which puts it on the hook for hundreds of millions owed by its operating unit.
- Other stocks hit late yesterday by the Caesars drama include Caesars Acquisition Company (NASDAQ:CACQ) which fell -13.5% and PE-backer Apollo Global Management (NYSE:APO) with a -2.8% loss.
- CZR is down another 4.7% in today's premarket session.
Wed, Jul. 22, 3:11 PM
- A trading halt on Caesars Entertainment (NASDAQ:CZR) and Caesars Acquisition (NASDAQ:CACQ) has been lifted
- There is a report out from Debtire's Maria Chutchian that a judge in the bankruptcy case has denied a motion by Caesars to halt litigation in New York and Delaware.
- Previously: Deal with lenders sends CZR and CACQ flying (Jul. 21 2015)
- Previously: Caesars fights to avoid bankruptcy (Jul. 22 2015)
- CZR -52.6% and CACQ -25.2%.
Wed, Jul. 22, 12:45 PM
Wed, Jul. 22, 4:00 AM
- The bankruptcy drama at Caesars Entertainment (NASDAQ:CZR) will come to a head today, after a U.S. judge in Chicago rules whether the casino empire is shielded from a storm of litigation.
- Caesars put its largest unit in chapter 11 protection in January, rather than the whole company, preserving many investments of shareholders.
- Creditors argue that Caesars didn't act fairly ahead of the filing, since it transferred assets out of their reach, and stripped them of certain protections.
- CZR fell 6.5% in after-hours trading.
Tue, Jul. 21, 12:45 PM
Tue, Jul. 21, 10:31 AM
- Caesars Entertainment (NASDAQ:CZR) is up 16.6% and Caesars Acquisition Company (NASDAQ:CACQ) is 7.1% higher after a significant deal with lenders was struck last night.
- The development will eliminate some of the legal roadblocks standing in front of Caesars in addition to reducing the overall debt load.
- Previously: Caesars Entertainment reaches deal with lenders
Tue, Jul. 21, 4:17 AM
- Caesars Entertainment (NASDAQ:CZR) has reached an agreement with its lenders that will reduce its operating company's debt by about $10B, paving the way for new debt worth $8.6B.
- The deal will see Caesars Entertainment contribute an additional $200M of convertible notes to the second lien noteholders, and about 5% equity in company property to investors.
- CZR +1.5% premarket
Mon, Jul. 20, 2:49 PM
- The merger between 888 Holdings (OTCPK:EIHDF) and Bwin.party (OTCPK:PYGMF) creates some intriguing possibilities if online gaming is approved in more U.S. states or under a federal framework.
- 888 partners with Caesars Entertainment (NASDAQ:CZR) in Nevada, while Bwin has an agreement struck with Boyd Gaming and MGM Resorts in New Jersey. Some analysts think those partnerships could be easily expanded at scale.
- If online gaming remains a three-state phenomenon, the combined Bwin-888 entity faces a challenge with competition from Betfair (OTC:BTFRF) and Amaya Gaming (NASDAQ:AYA) which owns PokerStars and Full Tilt Poker.
- Shares of Bwin.party are up 8% over the last year, although they stand well off their all-time highs. 888 Holdings is +32% over the last year.
- Previously: 888 scoops up Bwin.party for $1.4B (Jul. 17 2015)
Thu, Jul. 9, 2:04 PM
- Caesars Entertainment (CZR +4.1%) is in advanced talks with a group of creditors over a restructuring of the company's operating unit, sources tell Bloomberg.
- Junior debt holders - including Paulson & Co, Soros Fund Management, and Canyon Partners - are looking for better terms than previously offered up by Caesars which is also negotiating with first-lien debt holders.
- Outside of the legal wrangling, Caesars has a new CEO on the job with Mark Frissora taking over this month and is still moving forward with expansion projects in Asia.
- Share of Caesars have slowed down their sharp 2015 slide over the last month, stabilizing in the $6.00-$6.30 range.
Mon, Jun. 29, 1:47 PM
- The Internet Poker Freedom Act was introduced last week in the House of Representatives by Rep. Joe Barton from Texas. The bill aims to legalize online poker under a federal framework.
- The Senate has the Restoration of America’s Wire Act in front of it which calls for a major crackdown on all forms of online gambling. Las Vegas Sands (LVS -1.8%) chairman Sheldon Adelson is a sponsor of the legislation and longtime advocate of banning online gambling.
- The burgeoning sports betting industry which includes daily fantasy game sites such as FanDuel and DraftKings will be watching the developments on Capital Hill closely.
- Previously: Momentum builds for legalized sports betting (March 10)
- Related stocks: MGM, WYNN, CZR, OTCPK:EIHDF, SGMS, BYD, IGT, OTCPK:PYGMF, CHDN, ZNGA.
Mon, Jun. 29, 10:30 AM| Mon, Jun. 29, 10:30 AM | Comment!
Mon, Jun. 29, 8:14 AM
- Nevada gaming revenue rose 3.33% in May to $1.003B to mark the first time the casinos in the state generated over a billion dollars since December of 2013.
- The boxing match between Floyd Mayweather and Manny Pacquiao was a significant traffic driver during the month.
- Slot revenue +8%.
- Baccarat revenue -33%.
- Las Vegas Strip revenue +1.4%, while downtown Vegas casinos saw a 15% upturn.
- Fiscal YTD Nevada gaming revenue -0.99%.
- Nevada State Gaming Control Board report (.pdf)
- Related stocks: CZR, CACQ, MGM, WYNN, LVS, BYD, OTCQB:TPCA,
- Related ETF: BJK
Wed, Jun. 24, 3:08 PM
- Online gaming revenue in New Jersey rose 19.1% in May to $12.5M.
- If discontinued operations are backed out, the year-over-year increase is +25%.
- The online category is up 12.6% YTD to $60.31M.
- Brick-and-mortar casinos have seen revenue from slot machines and tables games fall off this year.
- Division of Gaming Enforcement report (.pdf)
- Related stocks: BYD, CZR, MGM, OTCPK:EIHDF.
Tue, Jun. 23, 12:59 PM
Wed, Jun. 17, 8:17 AM
- UMB Bank filed a $6B lawsuit against Caesars Entertainment (NASDAQ:CZR) alleging the company breached terms of notes it issued.
- The bank acts as the trustee on several first-lien Caesars notes for bondholders which include several in support of the company's restructuring plan.
- Stuck in the middle of the legal proceedings, operating unit Caesars Entertainment Operating Company is looking to separate itself from ongoing litigation.
Mon, Jun. 15, 2:20 PM
- Bills to legalize online gaming in Pennsylvania are seeing support from legislators in the state staring down a projected budget shortfall.
- While politicians in the Keystone state see online gaming as a way to recoup some tax dollars bleeding to New Jersey, gaming industry officials are looking to tap into the under-40 demographic with online play.
- One of the bills floating around the State Senate would still require gamblers to visit a physical casino to register their account unless they live more than 20 miles from a gaming establishment.
- Harrah's Philadelphia (NASDAQ:CZR) is a vocal supporter of the online gaming push, while Sands Bethlehem (NYSE:LVS) opposes it due to the position of parent company CEO Sheldon Adelson.
- The most interesting part of the online gaming debate could be how much room is left for casino operators to partner with tech companies on initiatives.
CZR vs. ETF Alternatives
Caesars Entertainment Corpalong with its subsidiaries is engaged in providing casino-entertainment and hospitality services. Itsfacilities include gaming offerings, food & beverage outlets, hotel & convention space, and non-gaming entertainment options.
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