No Bankruptcy Protection For Caesars; Snags Crucial Online Poker License In New Jersey

Nevada-based Caesars Entertainment Corporation has had a pretty good week.

First, the Las Vegas Review-Journal reported that bankruptcy protection is not in the cards for the mammoth company, at least according to its chief executive officer.

“The conditions the company faces today are better and not worse than they have been before,” Gary Loveman reportedly said. “We don’t have any significant debt maturities until 2018. We’re much better structured. There is nothing that would trigger a liquidity crisis. We don’t have anything like that.”

The firm has an industry-leading $23.7 billion in “long-term debt”.

“These same people have been predicting the bankruptcy of the company since 2009. So far, they have been unsuccessful in having that prediction made accurate," Loveman added.

Fast forward about a week, and Caesars received an online gambling license in the Garden State, which will start a trial run for online games tomorrow.

Caesars operates a handful of casinos in New Jersey. Like its WSOP-branded online poker site in Nevada, 888 Holdings will run the software and manage back-end duties.

Thanks to poker on the web, some believe that Caesars’ WSOP brand could end up being its most valuable asset. The firm now holds live bracelet events in multiple parts of the world.

So far, seven casinos in Atlantic City have been approved for online poker.

The recent headlines for the company have been extremely positive after late last month it was announced that the firm would no longer be pursuing a project in Boston.

Regulators in that state were concerned about a connection the firm had to a shady individual in another firm it was doing business with. Loveman subsequently blasted the state for its regulatory position, which some have said is too cumbersome and without merit.

Caesars is also in the process of construction a casino in Baltimore, Marlyand.

Related Articles

Caesars Finalizes WSOP Sale To GGPoker Company

Caesars Sells WSOP To GGPoker For $500 Million

REPORT: The Loudest Casinos In Las Vegas

Most Viewed Articles