Caesars Entertainment, Owner Of World Series Of Poker, To File For Chapter 11 BankruptcyFiling Could Come As Early As Thursday |
|
_(1).jpg)
Caesars Entertainment (CZR), owner of the World Series of Poker brand and more than 50 hotels and casinos throughout the United States and the United Kingdom, could file for chapter 11 bankrupcty protection as early as Thursay, according to the Wall Street Journal.
A majority of the company was purchased in 2006, the height of casino gaming revenue in Las Vegas and Atlantic City, by Apollo Global Management and TPG Capital. Since then, the economic downturn has seen nothing but financial struggles for the casino giant.
While other casino companies were able to ride out the recession with huge numbers from their properties in Macau, Caesars tried, and failed, to get their brand established in that part of the world. Although the company has shifted many of their successful divisions to different areas under the Caesars umbrella of companies for protection, its Caesars Entertainment Operating Co. that will now be headed to bankruptcy court.
The creative movement of their various brands has resulted in numerous lawsuits from creditors, many of whom have been trying to force Caesars into bankruptcy for quite some time now. Caesars has said that the lawsuits have no merit and reported that over 60 percent of their creditors are on board with its new restructuring plan.
Caesars closed the doors on casinos in Atlantic City, Mississippi and London in 2014, but doesn’t plan on shutting down anymore properties as a result of the bankruptcy. There are roughly 68,000 people employed by the company, which brings in roughly $8.5 billion in revenue each year.
The WSOP brand, which is technically owned by Caesars Interactive Entertainment, is unlikely to be affected in 2015 by the news.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
