CET Casinos

[OTABILL]

Caesars warns of potential casino bankruptcy

Caesars layoffs to be 'spread out evenly' among properties, won't exceed 680 workers

[BillyJoe]

Yeah - this is a 'planned' bankruptcy that has been in the works for months. The action will squeeze out the secondary bond positions, but preserve the primary holders.

Cost cutting to ditch about 1% of the workforce. Probably no Vegas properties affected, though.

For my money, CET can get rid of a bunch of middle-managers, and no one would even notice.

[pokerforme]

Instead of getting rid of middle managers they will probably all get a bonus...its the American way

[DaBurglar]

Instead of getting rid of middle managers they will probably all get a bonus...its the American waywell said!And Billyjoe, I agree too, about the middle managers.    In fact, there is a whole slew of people who literally "stroll" around the Caesars and Ballys properties in AC whom I could single out and tell the "real decision makers" in the CET Ivory tower that they could elt go, and instead hire a handful more waitresses, front desk personnel and maids (i.e. the people who REALLY have an impact on our experience)   But alas, the dolts in the Ivory tower who got the company into this debt ridden predicament in the first place would probably take whatever money they saved by 86'ng the redundant middle managers and give themselves a fat X-mas bonus (along with a company party in Bermuda complete with tropical bungalows and hot and cold running hookers )

[Tedlark]

How can we get invited to THAT party? Imagine the filthy pictures that could be posted here afterwards...

[notes1]

i think (not sure) that the majority of CET debt came from a leveraged buyout, that occurred right before the economy collaspsed in 2007. there seems to be a bunch of funky things going on with their debt obligations.

[Vman96]

i think (not sure) that the majority of CET debt came from a leveraged buyout, that occurred right before the economy collaspsed in 2007. there seems to be a bunch of funky things going on with their debt obligations.

The majority of it does come from that, yes. They are in too huge of a hole to dig out of.

[OTABILL]

i think (not sure) that the majority of CET debt came from a leveraged buyout, that occurred right before the economy collaspsed in 2007. there seems to be a bunch of funky things going on with their debt obligations.

From our perspective, that is when CET went downhill.

[notes1]

Back in the early to mid 2000's, the 'experts' all talked about 'cheap' money, just like today. Borrow and you can grow your busness faster. This lead to over levearging by folks and businesses alike. For many, the thought was house prices would always go higher, and the casino business was recession proof. oops! I believe CET debt is in the range of $26B. Combine that debt service, with slow economy and a new casino opening someplace nearly every month and you have a problem. Throw in all the problems of AC, yikes!   You can hope for the best, but better have a plan, if something bad happens.

[FAA]

CET seems to be stingy with Reward Credits too. I have only played there. Can I do better elsewhere in AC on that front?