“Restructure! Restructure! Restructure! That’s all he ever does because that’s all he can do!” That was a friend of mine, speaking in exasperation of Donald Trump. However, today the remark could be updated to refer to Gary Loveman. The CEO of Caesars Entertainment has kicked off another round of debt-structure talks and, if Bloomberg News is right, a prepackaged bankruptcy may be on the table. The discussions are swathed in confidentiality agreements, so it’s not clear what Loveman means when he talks about creating “a path toward a sustainable capital structure.” (Perhaps he should have thought about that before he put the company $25 billion in debt.)
Bondholders in discussions with Caesars include ubiquitous Brigade Capital Management, former partner in an abortive Boston casino bid. Reports Bloomberg, ” Continued >>
The most baccarat tables per casino in the U.S. are to be found at — no kidding — Sands Bethlehem. The casino, which fields 50 baccarat tables grossed $18 million in table game revenue last month, a record amount for Pennsylvania. Sands has been assiduously courting New York City‘s Asian-American population, and it’s paying off big. Fifty buses fan out into the Five Boroughs every day, scooping up players and delivering them to Las Vegas Sands‘ doorstep.
“Their table games business just keeps growing. It’s incredible. No one else is even close,” marvels Spectrum Gaming Group analyst Shawn McCloud. Sometimes Parx Casino gives Sands Continued >>
Casino gambling has finally got its foot in the door of Texas (not counting a pair of tribal casinos on the Mexican border). Late last month, the Texas Racing Commission voted overwhelmingly to approve “historical racing” VLTs at Texas tracks, effective Sept. 28. Rep. Matt Krause (R) tried to block implementation with a lawsuit, which has just been dismissed for a lack of standing. However, Judge David Evans — even as he sent Krause’s suit packing — noted that the TRC didn’t have the authority to approve use of the devices, in which punters bet blind on the outcome of previously run races.
No, track owners aren’t in the clear yet, especially since they can’t unilaterally install the VLTs but must make their case to Continued >>