Caesars Palace News - Page 30

Caesars spelled out much of the reorganization plan, in which Caesars Entertainment Operating Co. would be restructured through a prepackaged bankruptcy in January.

Whatever this state does, it does big. When it booms, it leads the nation in growth. When it busts, well — that’s epic, too.

Lawyers for wealthy Malaysian businessman Paul Phua and his son, Darren Phua, are seeking to get evidence seized in a July 9 raid at luxury Caesars Palace villas tossed out of court.

Ricardo Lopez, who worked undercover for the FBI during the investigation, testified in federal court that a Caesars security officer who had tipped off authorities to the gambling operation told him a top company executive was complaining about not being in the loop of the investigation.

A top casino security officer testified Tuesday how his internal investigation led to an FBI raid on an alleged World Cup betting scheme operating out of luxury Caesars Palace villas.

The interest payment, due on second-tier debt covering its Caesars Entertainment Operating Co., business unit, has a 30-day grace period.

Shares of Caesars, traded in Nasdaq, fell $2.03 or 13.66 percent to close at $12.83.

Five people of seven accused in an illegal World Cup gambling venture to plead guilty.

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.