The Cromwell News - Page 7

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.

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.

Moody’s Investors Service recently downgraded its view of the U.S. gaming market from “stable” to “negative,” putting all the blame on regional gaming destinations where weak results have investors sweating.

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.

The transaction was approved Monday.

“The most important economic data points are all trending in the right direction,” says Station Casinos Chief Financial Officer Marc Falcone, who spent more than a decade as a Wall Street analyst. “The only place we’re not seeing it is in gaming revenue.”

Hakkasan Group announced Wednesday it will close the nearly 10-year-old club May 26 for an extensive renovation and expansion that will open in 2015.

In April, the company reported a 66 percent decline in earnings and a 15 percent decline in net revenue for the second quarter.

The Cromwell Las Vegas is the Strip’s newest, dazzling property, and JCM Global has won 100 percent of the casino’s business. The Strip’s first luxury standalone boutique hotel is now open and protected by JCM’s award-winning iVIZION and UBA bill validators.

The 65,000-square-foot rooftop nightclub, day club and pool deck were designed by Victor Drai.

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.

The 65,000-square-foot rooftop nightclub, day club and pool deck were designed by Victor Drai.

The deal is akin to a transfer of assets from the parent company to a business that was created last year to help the world’s largest casino operator expand its presence while dealing with its gaming industry-high $23 billion of long-term debt.

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

Caesars Entertainment Corp. announced last week it was selling four casinos to its Caesars Growth Partners subsidiary for $2.2 billion.

The Cromwell will fill more than 1,000 open positions at hiring events throughout March.

Bally's Las Vegas is one of three properties on the Las Vegas Strip that Caesars Entertainment Corp. is selling to its Caesars Growth Partners subsidiary. The other two are The Quad and The Cromwell. Harrah’s New Orleans also is involved in the sale

The Cromwell is taking over the building that once housed the Barbary Coast and Bill’s Gamblin’ Hall at the northeast corner of the Strip and Flamingo Road.

The area, which is being designed an operated by Victor Drai, is located on the 11th floor of the Cromwell and includes Drai’s Beach Club - Nightclub, offers panoramic views of the Strip.

The Cromwell, at the northeast corner of the Strip and Flamingo Road, will replace Bill's Gamblin' Hall, which closed a year ago for a $185 million remodeling. It is expected to reopen later this year as a 188-room boutique-style luxury resort.