Caesars Palace News - Page 28

The nation’s largest casino operator is under attack from all fronts as it struggles to restructure its gaming industry-high debt load of $22.8 billion.

On Monday, Caesars said it received a default notice last week from UMB Bank related to its senior-secured notes covering CEOC. Caesars said it “does not believe that a default or an event of default has occurred.”

Fitch Ratings Service said in a report, however, the spinoff won’t prevent Caesars from having to go through bankruptcy reorganization to restructure its $22.8 billion debt.

The company, which operates nearly 40 casinos in 14 U.S. states and the Canadian province of Ontario, is attempting to restructure its gaming industry-high $22.8 billion debt.

Caesars has been in private talks with banks and lenders since September with the hopes of restructuring a portion of the debt.

In the quarter that ended Sept. 30, Caesars said its debt was $22.88 billion, down from $24.2 billion at the end of June.

In a filing with the Securities and Exchange Commission, Caesars announced “non-disclosure agreements with certain beneficial holders” to discuss restructuring debt due in 2020.

Malaysian businessman Wei Seng “Paul” Phua, the man authorities consider the ringleader of a multimillion-dollar World Cup betting scheme, pleaded not guilty in federal court Tuesday to illegal gambling charges.

The effort is part of an overall restructuring plan announced in May that eliminated more than $1 billion in debt that was due next year while providing a different ownership structure to pieces of the company.

The wealthy Malaysian businessman authorities say led a World Cup betting scheme in Las Vegas and his son were released late Monday from the custody of federal immigration officials.

Shania Twain to end her two-year residency SHANIA: STILL THE ONE at The Colosseum at Caesars Palace with the final show set for Saturday, Dec. 13, 2014.

Authorities have linked one of the ringleaders, Paul Phua, to a well-known Chinese crime syndicate.

Rooms at the Linq will have a new look as Caesars Entertainment transitions from the Quad Resort & Casino. The company is spending $223 million on the project.

By the end of the year, Las Vegas will have about a half-dozen hotel-casinos that operators classify as “boutique,” “luxury” or “lifestyle” in their marketing efforts.

Poker players of all skill levels, 21 years of age or older are invited to join the daily events scheduled March 20 through March 30 and to watch the games in a one-of-a-kind atmosphere.

Caesars Entertainment Corp. said Wednesday it lost $1.756 billion in the fourth quarter.

It’s cook or be cooked in this year’s Culinary Battles search for America’s Supreme Asian Chef.

Winner immediately made two donations to Operation Smile, which will pay for two operations for children to repair cleft lip, cleft palate and other facial deformities.

The investigation was revealed in the same filing in which Caesars explained its reasons to withdraw from the process to earn a Massachusetts gaming license and its severing of a deal with the Gansevoort Hotel Group in a Strip casino redevelopment project.

The BIG ONE for ONE DROP will take place over three days, from June 29 to July 1, 2014, with all play until the televised final table being hosted at Caesars Palace.