Caesars Entertainment In Trouble-Billions Of Dollars Worth Of Trouble
In Vegas, Caesars Palace sits in the very heart of the Strip. It is one of the most well known properties in Las Vegas. What may not be so well known is that Caesars Entertainment owns, in addition to Caesars Palace, dozens of casinos, seven golf clubs, and other assets. And yet, it faces possible bankruptcy.
On August 5, 1965 Caesars Palace opened. It was 14 stories high and housed 700 rooms. Over the years it has grown both in size and popularity.
Today, it has over 4,000 rooms and five different towers from which to choose. These towers are all different, almost like separate hotels. There is also the Nubo Hotel within the Caesars complex.
These facts leave a good impression to the casual observer, but things don’t look so good on the company’s financials. Currently, Caesars Entertainment is negotiating with creditors. They are trying to negotiate a way to avoid bankruptcy, restructure the company, and settle billions of dollars of debt.
Also, at this time, Caesars’ properties are fully operational. Therefore, visitors won’t see signs of any impending catastrophe for the behemoth company. Unfortunately, there appears to be little progress in the negotiations as of this date. According to many financial experts, including Forbes, the future does not look good.
People will still gamble at Caesars Entertainment properties. They may have better odds there than they would buying their stock which is down as of close of market yesterday to $7.17, down 4.54%.