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Tag Archives: Bankruptcy

Italy – Cost cutting could keep Campione on course for Chinese annex

With Casino Campione d’Italia, the spectacular casino in the Italian enclave on Lake Lugano, now teetering on the edge of bankruptcy, its owners are looking at two very different methods of turning its fortunes around. After years of positive financial results, the municipal casino posted a deficit of CHF8m for the first time in 2012….

US – Caesars announces CEOC’s emergence from bankruptcy

Caesars Entertainment has said that the completion of its previously announced merger with Caesars Acquisition Company (CAC) and the conclusion of the restructuring of Caesars Entertainment Operating Company, Inc. (CEOC) and its debtor subsidiaries. As a result of these transactions, the newly restructured Caesars Entertainment is positioned to further invest in its growth strategy and…

Poland – Olympic Casino Sunrise files for bankruptcy

Olympic Entertainment Group’s Polish subsidiary Casino Polonia-Wrocław, which operated the flagship casino of OEG in Warsaw until September 2016, Olympic Casino Sunrise, has submitted to the court its bankruptcy petition. The Baltic-based operator had informed back in September that its bid for a local specific activity license had been rejected by the Ministry of Finance….

US – Bankruptcy watchdog says no to Caesars

The US Trustee, a US government watchdog overseeing the administration of bankruptcy cases, has objected to a Caesars subsidiary’s attempts to exit Chapter 11 bankruptcy. The objection could thwart Caesars’’ proposal to write off $10bn of debt. The casino giant’s subsidiary, Caesars Entertainment Operating Co. Inc. (CEOC), filed the $18bn bankruptcy in January 2015 but…

US – Examiners Report says Caesars could be liable for US$5.1bn

Caesars Entertainment could be forced to pay US$5.1bn in damages for the pre-bankruptcy deals according to a court-appointed bankruptcy examiner. Caesars and its private equity backers, Apollo Global Management and TPG Capital have been investigated for their actions leading up to $18bn bankruptcy protection filing. Hedge funds have said that Caesars raided its best assets…

US – Caesars told Chapter 11 for operating unit will only protect the operating unit

Caesars Entertainment’s operating unit, which sought bankruptcy protection in January, has been told by a federal judge that the bankruptcy of its operating unit can’t protect Caesars Entertainment Corp. from investors’ lawsuits. Judge Robert Gettleman of the US District Court in Chicago said a bankruptcy judge’s decision ‘is not erroneous as a matter of law…

US – Investor claims MGM investments could see it dice with bankruptcy

An investor in MGM Resorts has said that over investment in Massachusetts, Maryland and Macau is threatening the operator’s solvency and could see it gambling with bankruptcy as it did when it invested in the US9bn CityCenter. Jonathan Litt, Founder of the New York investment firm Land & Buildings Investment Management, said his group owns…

US – Energy contract ran Revel into the ground

The former owners of the Revel casino have citied an energy contract as one of the fundamental reasons for the failure of the US$2.4bn Atlantic City resort. In a court filing; a proposed disclosure statement for its bankruptcy case, the operator places much of the blame on Revel’s original management team, headed by former CEO…

US – Caesars bankruptcy restructuring runs into legal problems

A judge has ruled that Caesars Entertainment’s bankruptcy restructuring violates federal law as it moved assets to protect itself from junior creditors. Investors that sued Caesars may yet be compensated for being forced into a restructuring plan that isn’t allowed outside of bankruptcy. At this stage, US District Judge Shira Scheindlin has denied Caesars’ request…