Caesars Atlantic City News - Page 6

In a filing Wednesday with the SEC, Caesars dismissed as “meritless” a request from the Wilmington Savings Fund Society for immediate payment of $3.68 billion in principal and $185 million in interest.

Mark Frissora can earn up to 150 percent of his base salary in bonus pay, has use of the company aircraft, and will receive “certain relocation benefits” for moving to Las Vegas, the SEC filing said.

The change comes less than a month after Caesars placed its largest operating unit into a pre-packaged bankruptcy to eliminate almost $10 billion in debt.

Allowing the case to proceed in Chicago is considered a victory for the company and its private equity backers, Apollo Global Management and TPG Capital.

The efforts by Caesars Entertainment Corp. to restructure 81 percent of its gaming industry-high debt will be a “drawn out” process, a Wall Street ratings service warned investors Thursday.

The pre-packaged filing covering Caesars Entertainment Operating Co. has been agreed upon by 80 percent of the company's senior bondholders.

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

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.

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.

A Powhatan, Virgina resident wins Caesars Entertainment jackpot in Three Card Poker 6 Card Bonus.

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.

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.

Almost daily, headlines concerning the market’s demise appear in the nation’s top media outlets, including The New York Times, Wall Street Journal and Los Angeles Times.

Four casinos could be closed by fall, displacing more than 8,000 workers — 25 percent of the city’s workforce — and leaving the famous seaside resort looking more like a boarded-up slum.

Harrah’s Resort and Caesars Atlantic City will play host to the Stanley Cup, Clarence S. Campbell Western Conference Trophy, and the Conn Smythe MVP Award, along with MVP Justin Williams and Kings Associate Head Coach John Stevens.