Caesars Atlantic City News - Page 6

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

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

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.

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.

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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.