CET Bankruptcy=Nevada Gaming Commission weighs in

[OTABILL]

Caesars Entertainment Slammed by Nevada Gaming Commission over “Embarrassing” Bankruptcy, as Missing Pensions Haunt Retirees

[notes1]

Caesars Entertainment Slammed by Nevada Gaming Commission over “Embarrassing” Bankruptcy, as Missing Pensions Haunt Retirees
 quite an article, thanks for posting. this is all part of the debt driven, grow at any cost, cheap money times of the early 2000's. in an earlier.post, i believe the numbers i mentioned were annual revenues of about $8b and annual debt service of about $2b. you want to know why paytables were reduced, there is your answer. their only solution is to find legal means to screw their debtholders, screw their customers and screw their employees. and, anyone still believes in casino integrity???? 

[DaBurglar]

[QUOTE=OTABILL]Caesars Entertainment Slammed by Nevada Gaming Commission over “Embarrassing” Bankruptcy, as Missing Pensions Haunt Retirees
 quite an article, thanks for posting. this is all part of the debt driven, grow at any cost, cheap money times of the early 2000's. in an earlier.post, i believe the numbers i mentioned were annual revenues of about $8b and annual debt service of about $2b. you want to know why paytables were reduced, there is your answer. their only solution is to find legal means to screw their debtholders, screw their customers and screw their employees. and, anyone still believes in casino integrity???? [/QUOTE]good post.....without expanding the issue into other areas of actual casino operations, I think you hit upon the GENERAL issue at large, which is casino integrity.....that is the crux/core of the "fear" some of us have in the possibility that some casinos could, if things reach a critical point, stoop to trying to boost revenue via unethical or outright illegal means  (i.e.  WHAT DO THEY HAVE TO LOSE?  type of situation)Clearly Caesars is in deep trouble, and it is apparent that even the NEVADA GAMING comm  sees the problems with a company the size and reach and influence of CET   being in such horrible shape.I posted a while back how CET was excluded from the MAssachusetts CASINO licensing lottery VERY EARLY because the Mass Gaming Comm simply refused to allow a company with the HUGE, unsustainable debt that CET carried from even entering the competition.....a stance which now in hind sight appears VERY wise and prudent....(last year the MASS Gaming Comm was being slammed as "overly cautious, exclusionary and UNREASONABLE")...so much for the critics.Edited to add:    The "pension fiasco" mentioned in the article is symptomatic of the larger disease that is rampant in today's world, that of runaway greed and a total lack of natural affection and loyalty to PAST employees of companies and organizations....I cannot find a more appropriate quote than the one in the article:Commissioner Randolph Townsend said some of the company’s decisions
prior to the bankruptcy declaration were “completely perplexing.”
“Can you not build anymore Ferris wheels for a while?” he
asked, referring to the recently unfurled and financially
disappointing High Roller
built at the Linq, to laughter from assembled reporters. Townsend also
suggested that some of the pension payments could be funded by Caesars
executives “who were paid large bonuses.”That last line, about the "BONUSES" is really telling, as well as infuriating......why on earth would ANYONE at CET receive ANY bonus, given the state of the company?  I know the question is futile, but still......something is really really really wrong with American corporate compensation and has been for a LONG time.......executive management compensation has been so far out of whack to what is right and fair since the 1980s when financial deregulation and oversight of the business and stock market really took effect, and more and more a CEO/COO/CFO salary was driven by the STOCK price of a company instead of the overall/inherent financial health and wealth of the company.   The income gap and the wealth gap that exists in this country is also related to this situation with CET, in that today's widening gap between the richest and the middle class-and lower  is in no small part due the practices that caused CET's current disaster.EDITED a second time to also add:   ANyone else out there find the fact that over 200 lawyers are needed for this horrible spectacle?   Or that the "paperwork" for executives who were acquired when Harrahs merged with other companies (including Caesars) to become CET???   I mean, what in the hell is going on here?????

[notes1]

lack of integrity vs. illegal, there is a difference. while it may not be illegal for a government employee to have their own 'email server' or wipe it 'clean', it sure seems like it lacks integrity. what might that person be hiding? can we trust that person?  the same goes for casinos. adding a resort fee without fulling disclosing it in advance may be legal, but it starts to make one wonder, can i trust their machines are truely random?   the math folks have proved to me that the diference between 9/6 old pays and current pays, as low as 6/5, make a huge difference in the cost of playing VP. but, even those who believe in casino integrity have to admit, how does a company pay 20% of it's total revenue in interest payments alone, not have an effect on the product it is offering? and, can we trust that those who are regulating these businesses, while at the same time dependent upon those same businesses to pay the taxes that support their jobs, to do the job of looking out for us.  in the end, we have to trust the free market will work. consumers will reward those who offer a worthy product and punish those who do not.

[DaBurglar]

lack of integrity vs. illegal, there is a difference. while it may not be illegal for a government employee to have their own 'email server' or wipe it 'clean', it sure seems like it lacks integrity. what might that person be hiding? can we trust that person?  the same goes for casinos. adding a resort fee without fulling disclosing it in advance may be legal, but it starts to make one wonder, can i trust their machines are truely random?   the math folks have proved to me that the diference between 9/6 old pays and current pays, as low as 6/5, make a huge difference in the cost of playing VP. but, even those who believe in casino integrity have to admit, how does a company pay 20% of it's total revenue in interest payments alone, not have an effect on the product it is offering? and, can we trust that those who are regulating these businesses, while at the same time dependent upon those same businesses to pay the taxes that support their jobs, to do the job of looking out for us.  in the end, we have to trust the free market will work. consumers will reward those who offer a worthy product and punish those who do not.well, this is a good post, except I am not sure what you ultimate conclusion is here (the only thing clear is the "jab" at Hilary  lol )Do you or do you not believe that casinos (say in AC for instance) could be setting their VP machines to deal far more dead/dud/non-paying hands than is statistically normal?  In other words, it is expected that on a truly random, fair RNG  that 55% of all hands dealt will be DUDS (no-paying).......is it possible that some machines in certain casinos might be set to deal, (say), 65% duds?    I KNOW that it is illegal for them to do this.....I KNOW that most casinos would never do this.....but I do NOT KNOW that it has never or will never happen.   

[Lucky Larry]

lack of integrity vs. illegal, there is a difference. while it may not be illegal for a government employee to have their own 'email server' or wipe it 'clean', it sure seems like it lacks integrity. what might that person be hiding? can we trust that person?


You are so right. There is a difference between ethical and illegal. Can we trust anyone?

Jeb Bush Owned Personal Email Server He Used as Governor
http://www.nbcnews.com/politics/electio ... or-n317286

Before leaving office, Romney staff wiped records
bostonglobe.com/news/nation/2011/11/17/before-leaving-governor-office-mitt-romney-staff-eliminated-mail-records/xIVEQd87zi0X0tl8KrXKYM/story.html

Huckabee and the crushed hard drives
http://www.arktimes.com/ArkansasBlog/ar ... ard-drives

[notes1]

well, this is a good post, except I am not sure what you ultimate conclusion is here (the only thing clear is the "jab" at Hilary  lol )Do you or do you not believe that casinos (say in AC for instance) could be setting their VP machines to deal far more dead/dud/non-paying hands than is statistically normal?  In other words, it is expected that on a truly random, fair RNG  that 55% of all hands dealt will be DUDS (no-paying).......is it possible that some machines in certain casinos might be set to deal, (say), 65% duds?    I KNOW that it is illegal for them to do this.....I KNOW that most casinos would never do this.....but I do NOT KNOW that it has never or will never happen.   
 -as stated, the math folks convinced me that lower paytables make a huge difference-i am too computer stupid to comment on innner workings of the machines-do not believe there is a wide spread illegal corruption of the machines-do not trust casinos, if there is any legal way to get away with something, they will do it.-question the regulation process to protect us. why have i never heard of a casino license being taken away for anything? only violations i ever read about are minor, underage gambling or drinking. are the regulators going to bite the hand that feeds them. -i wish i knew more about 'seeding', changes in shuffling, etc. again, if it can give the casino an advantage,they will use it.

[notes1]

[QUOTE=notes1]

lack of integrity vs. illegal, there is a difference. while it may not be illegal for a government employee to have their own 'email server' or wipe it 'clean', it sure seems like it lacks integrity. what might that person be hiding? can we trust that person?


You are so right. There is a difference between ethical and illegal. Can we trust anyone?

Jeb Bush Owned Personal Email Server He Used as Governor
http://www.nbcnews.com/politics/electio ... or-n317286

Before leaving office, Romney staff wiped records
bostonglobe.com/news/nation/2011/11/17/before-leaving-governor-office-mitt-romney-staff-eliminated-mail-records/xIVEQd87zi0X0tl8KrXKYM/story.html

Huckabee and the crushed hard drives
http://www.arktimes.com/ArkansasBlog/ar ... ard-drives

[/QUOTE]
 if ANYONE who was doing the 'peoples work' did it in a non transparent manner, i question their integrity, i do not care what the affiliation. and, that is why as i have stated before, i do not trust many.

[notes1]

[QUOTE=Lucky Larry] [QUOTE=notes1]

lack of integrity vs. illegal, there is a difference. while it may not be illegal for a government employee to have their own 'email server' or wipe it 'clean', it sure seems like it lacks integrity. what might that person be hiding? can we trust that person?


You are so right. There is a difference between ethical and illegal. Can we trust anyone?

Jeb Bush Owned Personal Email Server He Used as Governor
http://www.nbcnews.com/politics/electio ... or-n317286

Before leaving office, Romney staff wiped records
bostonglobe.com/news/nation/2011/11/17/before-leaving-governor-office-mitt-romney-staff-eliminated-mail-records/xIVEQd87zi0X0tl8KrXKYM/story.html

Huckabee and the crushed hard drives
http://www.arktimes.com/ArkansasBlog/ar ... ard-drives

[/QUOTE]
 if ANYONE who was doing the 'peoples work' did it in a non transparent manner, i question their integrity, i do not care what the affiliation. and, that is why as i have stated before, i do not trust many.[/QUOTE]
 you felt the need to respond to my 'dig' at hillary and i responded to you. i would ask you this, is there not a difference if someone 'wipes' their server clean, after a number of subpoenas have been issused? or, are hillary supporters willing to overlook the obvious concealment of both personal (legit) and work related product?  is winning so important, that integrity is unimportant? just curious. 

[alpax]

Another article, those executives at CET have not been paid what they are owed.

http://www.reviewjournal.com/business/c ... st-forever