CET debt

[notes1]

According to a story published in USA TODAY, CET has $25 billion in debt, had $8.6b last 12 months revenue, lost $3.5b and has interest payments of $2b a year. Wonder why it is hard to win or breakeven, these numbers give one an idea where the casino monies go. Two of their newer casinos in OHIO are already in financial trouble and as been stated on this site before, some form of CET bankruptcy is not only possible but likely. I did read on another forum, that some folks are considering using their accumulated CET points, in the event some form of bankruptcy were to affect those points. No one is saying this will happen, but, apparently it has happened before at other casinos.

[olds442jetaway]

Just like some people, these casinos never seem to learn to live within their means. Tons of money wasted on glitz and fluff, poor oversight, cutting in the wrong areas and then wondering why their business drops. They always seem to blame it on the economy, but I always say it is almost always just poor management and of course people at the top making sure they are taken care of first.

[FloridaPhil]

Too many casinos with too much stuff nobody needs.  Who cares if the walls are gold and they have Greek statues all over the place and I could care less if there's a shopping mall and 16 restaurants in my casino.  Give me decent odds and I'll show up. 

[olds442jetaway]

Me too! As long as I can grab a burger, tuna sandwich, pizza, or bagel and coffee, I'm there as long as the games are honest and paytables good.

[notes1]

I have commented a couple of times that i would like to see a walmart/costco type casino franchise. When CET has an annual $2b interest payament due, even before they open the doors, pay salaries, taxes, etc, it has to affect the payout rate. i could care less about the spas and all the other fancy touches. I agree, i just want a safe, clean property to pays out a good return.  

[FloridaPhil]

I don't know about that.  Have you seen some of the people at the Walmart lately?  Come to think about it, they're the same people I see at the casino on Friday afternoon?  

[DaBurglar]

we've broached the whole subject about CET debt previously.......it is UNSUSTAINABLE, given current business and market circumstances and parameters.    More than likely, if a planned bankruptcy is not forthcoming, then some sort of spinnoff whereby the debt gets moved into some type of "containment" business entityt/holding company and then THAT company files bankruptcy is the best possible course.How CET got into this situation is both incredibly obvious/simple, and yet also perplexing and baffling.   It started around 2005 when they went on a binge of gobbling up market share as well as "BUILD BUILD BUILD" in other markets that turned out to be less than dynamic.    Add to that some lousy business strategies for existing properties, and top it off with the outrageous compensation packages of more than a few executives, and you have this mess.....It burns to think about it, how companies can allow this to happen to themselves......Still, everyone puts "faith" in the fact that the gaming "INDUSTRY" is, in theory and on paper, one of the most regulated industries in the country, and that even if CET is tempted to cut every corner they can, and tempted to really screw customers even MORE than the regulations allow in order to frantically, desperately deal with all this debt, they will never get away with it because of "ALL THOSE REGULATIONS".....One thing is for certain:  the circumstances, and recipe, exists for potential shennigans on a huge scale.....just because there are so many regulations does NOT, in iteself, guarantee ANYTHING.   Ultimately, it comes down to PEOPLE.....which therefore means, ANYTHING truly is possible.     The more regulated something is, the MORE opportunity for there to be violations, or problems or malfeasance, or whatever......

[Tedlark]

  

[notes1]

i have been reading comments on this site for about 6 months, never saw CENSORED before. can someone explain???

[Tedlark]

i have been reading comments on this site for about 6 months, never saw CENSORED before. can someone explain???
   I self censored myself before I said something to rile the self centered.