What Happens in Vegas Doesn’t Always Stay: Caesar’s Fights Bankruptcy
It takes money to win money. Sometimes you have to lose big to win big. Sayings like these are the usual yin and yang of gambling mantras and rationalizations. If you’ve enjoyed a trip or two to Vegas, you’ve probably heard one yourself. Caesar’s Entertainment maybe took the gaming advice a little too seriously.
The company owes creditors around $10 billion, forcing it to file for Chapter 11 bankruptcy protection early this year. It currently has its best litigators fighting for a compromise (and to get judges to drop multiple lawsuits from upset creditors). The ultimate goal of the negotiations is to decrease the company’s annual interest debt from $1.7 billion to $450 million. Currently, the company has a total debt of $18.4 billion.
Caesar’s Entertainment operates casinos in Las Vegas, Atlantic City, Mississippi, abroad and on cruise ships. Most famously, they’re known for Caesar’s Palace, Paris and Bally’s.
In the midst of the financial struggles, the company’s namesake Vegas casino, Caesar’s Palace, has maintained its standing as a widely popular show destination. It is the place of divas! Most notably, it has has a long-time residency with Celine Dion. Mariah Carey just began her residency there as well. So while the company’s stock fell 22% on July 22, 2015, the glam is still alive and well.