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Caesars at War with Investors Over $24 Billion Debt

Caesars CEO Gary Loveman says their company shall maybe not be held hostage by speculators.

The battle between Caesars Entertainment and its own bondholders was ramped up a notch this week as the casino giant filed a lawsuit against a large part of its investors, claiming they have been trying to impede the business’s efforts to restructure its financial obligation process, a procedure that is essential to avoid bankruptcy.

Despite being the best-known casino business in the world, Caesars’ long-term debt is colossal, standing at an industry all-time high of $23 billion, which outstrips the bankrupt city of Detroit. In-may, the company announced a process of financial obligation restructuring, which, while not eliminating any debt that is long-term would wipe out more than $1 billion of payments due in 2015.

The procedure, according to Caesars Chairman and CEO Gary Loveman, would ‘lay the inspiration for both significant de-leveraging and value creation at Caesars Entertainment.’

Lend Us Your Ears…and Everything Else

‘Upon completion of the credit facility amendment … Caesars will have added headroom under its upkeep covenant, providing Caesars with additional security to execute its company plan,’ he added. ‘If Caesars successfully lists its equity securities, this listing that is independent help facilitate the eventual raising of equity in addition to obligation administration and debt reduction initiatives.’ Continue reading

Paddy Power Admits to 2010 Hack of Customer Data

Paddy energy is dealing with criticism for their slow response to a 2010 incident that is hacking. (Image: Kake Pugh/Flickr)

Across-the-pond sports operation that is betting Power is no complete stranger to finding how to get its name to the news. From controversial promotions to outrageous ads, the Irish bookmaker is willing to do anything to raise their public profile. But this week, Paddy Power found it self making headlines in a way that definitely wasn’t deliberate.

Paddy energy made the admission that nearly 650,000 customers had their individual data stolen in an internet site hack that took place in the past this year. The bookmaker made the admission even as the company was preparing to share with specific customers of the event.

No Financial Data Stolen

The stolen information included basic personal informative data on each player: names, addresses, dates of delivery, and the like. There have been additionally the answers to the personal questions players used to verify their identities. Critically, there is no information that is financial as credit card numbers included in the stolen data.

‘We sincerely regret that this breach happened and we apologise to individuals who have been inconvenienced as a result,’ said Peter O’Donovan, managing director of Paddy energy’s online operations. ‘We take our responsibilities regarding client data acutely seriously and have conducted an extensive investigation into the b Continue reading

Caesars Interactive Grows, But Caesars Overall Nevertheless Stalled

Caesars presently holds over $24 billion in debt.

Caesars Interactive Entertainment (CIE), as a part of Caesars Growth Partners (CGP), has been lauded being a bright spot for the Caesars brand. At a time once the company is coping with tremendous debt and lawsuits with bondholders, CGP is overseeing online operations and other areas of growth as part of the strategy to reorganize Caesars and make the company’s funds sustainable for the long haul. It is a bit early to state if that is going to get results, but one this is certainly clear: CIE is holding up their part of the bargain.

In the half that is first of, CIE brought in $268.8 million, an enhance of nearly 90 percent within the $142.1 million they introduced last 12 months. The enhance had been slightly more dramatic into the second quarter alone, with net revenues up more than 95 percent to $144.6 million.

Positive Cash Flow for CIE

At the moment, CIE is losses that are still posting the 12 months. The company is down $16 million for 2014, though that’s still a marked improvement over the $27.1 million they lost in the half that is first of. But with 20.5 million in profits in the second quarter, it’s quite feasible that the company could possibly be in the black by the end of the year.

‘With the Interactive Entertainment segment generating good cashflow, we remain confident that our strategy to develop new projects and keep investments to Continue reading

Revel and Showboat Close in Atlantic City Over Labor Day

The Showboat and Revel Casinos in Atlantic City shut their doors for the final time over Labor Day weekend. (Image:

It was the end of the road for Revel and Showboat this as the two Atlantic City casinos closed their doors for good weekend. For casinos in this seaside resort town, Labor Day is generally a time that is celebratory of year. The original ‘end of summer’ in the United States, the three-day weekend must be a booming time for the brand new Jersey gambling hub, as both gamblers and tourists will come to savor a three-day weekend plus some beach weather that is great.

But also for these two casinos within the beleaguered city, this 12 months’s Labor Day weekend marked the final curtain. The Showboat Casino ended a 27-year run in Atlantic City on Sunday, while the Revel began their two-day shutdown on Monday. The two closures will bring the number of gambling enterprises into the city down to nine, a number that will drop to eight whenever Trump Plaza resort closes later this month.

Showboat Closed Despite Remaining Profitable

The Showboat Casino resort ended up being one of four casinos in Atlantic City owned by Caesars Entertainment (Bally’s Atlantic City, Caesars Atlantic City and Harrah’s Resort Atlantic City being the other three), and also for the business, that has been only one too many within the market that is shrinking. They hope that closing one casino shall benefit the remain Continue reading