After moving with extreme deliberation on terrestrial casinos, the Massachusetts Gaming Commission suddenly has a fire under its butt to do something about Internet gambling. “The time is now … We can’t wait any longer, even though we’re still in the middle of [casino] licensing,” said MGC Chairman Stephen Crosby. Somewhat nonsensically, Crosby coupled those remarks with the admonition that “it’s only appropriate that [casino operators] be at the table when we figure out what do with Internet gaming.’’
At the pace with which the MGC is choosing resort-casino operators that could be a very long time. ‘‘We don’t want to kill the goose that laid the golden egg on the state lottery and the new goose that is hopefully Continued >>
The humility with which Jackie Gaughan did business would be un-thought-of in today’s casino world. He’d come to work through the front door and his “office” was a hotel room adapted for the purpose. At various times, Jackie owned all or part of at least 12 casinos, and was an active and visible presence at every one, every day. His philanthropy and civic spirit were comparably widespread. Not only did he preside over the Las Vegas Convention & Visitors Authority, he was also on the board of review for Eagle Scouts. In 2002, he launched the Boys & Girls Clubs of Las Vegas. His helpfulness also manifested itself in smaller ways: Gaughan was also known for keeping Continued >>
Caesars Entertainment posted a staggering, $1.76 billion loss (-$12.83/share), as some analysts fret that the recent fire sale of four casinos to Caesars Growth Partners may starve parent company Caesars Entertainment Operating Co. of cash flow. Meanwhile, Big Caesars has to decide whether to take the $2.2 billion it was paid by Little Caesars (Caesars Growth Properties) and reduce debt or try to grow the company faster than the bill collectors can keep pace. “This transaction is clearly negative from a leverage perspective … due to the loss of [cash flow] from the sale of the three assets,” said one respected analyst.
If you’re a bondholder in Caesars, prepare to take a bath. “The company is positioning it so that there’s really not a lot of options for the bondholders, and therefore the only way out is to do a distressed-debt exchange. They’re taking some of these assets and moving them to high ground, Continued >>