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Oh How The Might Caesars Entertainment Could Fall

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Las Vegas will no longer be the same if things continue to worsen for Caesars Entertainment. On Friday, the company announced that they are preparing to begin formal financial discussions with a few of their bank lenders as they attempt to increase debt reduction efforts in order to prevent a near inevitable bankruptcy.


It's a last ditch effort, but the Securities and Exchange Commission filing lists that the casino company has reached out to their creditors in order to ease the stress of expediently repaying a debt of $24.2 billion.


The filing came barely one day after Caesar's made a promise to the same creditors to a cash claim on the subsidiary Caesar's Entertainment Operating Co. in the even to default. That could prove a smart move as it serves as a safety net should the restructuring not work as the company.


OF course, this is not the beginning of financial troubles for Caesars. As a matter of fact they have spun off several smaller divisions of the company in an effort to lessen their financial liability and secure more income. This includes the release of both Caesars Entertainment Resort Properties and Caesars Growth Properties. Among the assets divvied up: casino buildings, related businesses, and the associated properties of the subsidiaries.


While Caesars spokesman Gary Thompson refused to comment on the state of affairs under legal requirement of an SEC hush period before the release of third quarter numbers, Caesars CEO Gary Loveman did share a few thoughts. He explicitly told Las Vegas Review Journal that company does not plan to prepare for bankruptcy anytime soon.


Fitch Ratings financial analyst Alex Bumazhny, however, says that this matter is a bit complicated. It won't be easy to reorganize their finances out of court because they owe more money than they are worth in some regards.


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