Caesars Palace News - Page 26

On Monday, Caesars' shares declined 16 percent in the first trading day after Bloomberg News reported a federal judge handed a small victory to creditors seeking to collect $750 million from the casino company's bankrupt operating division.

Phua left the U.S. just five hours after a federal judge dismissed conspiracy and illegal gambling charges against him.

Dozens of drivers marched with signs on Las Vegas Boulevard near Caesars Palace for a little more than an hour Friday to protest the Nevada Legislature's approval of the regulation of transportation network companies, including Uber.

Other employees will have to file claims to receive their retirement payments, which Caesars temporarily stopped distributing as part of its Chapter 11 reorganization.

Richard St. Jean has been appointed the general manager of Hollywood Casino Jamul-San Diego, while Frank Quigley has taken St. Jean's vacated position as general manager of Hollywood Casino Toledo.

The charges stem from an FBI-led raid July 9 at three luxury Caesars Palace villas used in what authorities said was a worldwide multimillion-dollar betting operation.

The new indictment adds a conspiracy charge against Paul Phua to the previous felony counts of operating an illegal gambling business and transmission of wagering information.

Caesars was also informed a grand jury was looking into the charges regarding anti-money laundering practices of the company and its subsidiaries.

The company's gains in revenue were partly attributed to increased volume through Caesars Interactive, the subsidiary that runs the company's World Series of Poker online poker sites.

Celine Dion will return to The Colosseum at Caesars Palace on Thursday, Aug. 27, 2015 to resume her Las Vegas show.

Kenneth Houng is one of 63 former employees and executives whose retirement payments were halted in January when Caesars Entertainment Corp. placed its largest operating division into a Chapter 11 bankruptcy reorganization.

The case involves millions of dollars in illegal wagers accepted by the betting operation on the World Cup soccer tournament last year, according to prosecutors.

To mark the milestone, Caesars Palace and AEG Live have just announced plans for Elton to return to The Colosseum in October 2015.

The retirement plans were offered by businesses that were subsequently acquired by Harrah’s Entertainment in the company’s 2005 buyout of Caesars Entertainment for $9 billion.

The gaming industry has embraced REITs, which, by law, don’t pay federal income taxes.

U.S. District Judge Andrew Gordon immediately sentenced Phua, 23, to five years of unsupervised probation on condition he stay out of the United States during that period.

Caesars Chairman and CEO Gary Loveman said he wouldn’t answer questions regarding the status of the restructuring of Caesars Entertainment Operating Co.

The court upheld the Clark County District Court conviction of California businessman Harel Zahavi on four counts of drawing and passing a check without sufficient funds and with the intent to defraud.

Caesars will continue to manage the properties, which will remain part of the company’s Total Rewards player loyalty program.

In a filing with the SEC Monday, Caesars said BOKF N.A. asked for payment on $750 million in debt plus interest. Caesars said it turned down the payment demand.