\nCommentary By Jeffrey Compton;<\/p>\n
\tIts 4:00 a.m. in the morning \u2013 Cleveland time. I\u2019m in my middle of my morning CDC newsroom editing chores (albeit a little early, but I am on a new training regimen that has thrown my sleep schedule way off.)<\/p>\n
\tI\u2019m looking at four stories \u2013 all of them less than 24 hours old, all concerning Caesars Entertainment.<\/p>\n
\tUnion: New Jersey casino warns of possible closure<\/strong><\/span><\/p>\n \tLater this morning approximately 2,500 loyal Caesars Employees will be informed that with all probability they will be out of a job by the end of the summer. That\u2019s more bad news for Atlantic City and New Jersey. This would the second high-profile Caesars property closing, following the shuttering of Harrah\u2019s Tunica, in Mississippi.<\/p>\n \tCaesars Loan Proposal Vote Delayed by Illinois Gaming Board<\/strong><\/span><\/p>\n \tIn order to stay afloat with $23 billion in debt (that\u2019s $73 for every man, woman, and child in America), Caesars Entertainment has been doing some creative financing \u2013 specifically moving around assets. I majored in finance and investments in college, but I have no clue how this will all work out \u2013 except that someday somewhere somebody\u2019s bond fund or pension fund isn\u2019t going to get the money it was counting on.<\/p>\n \tCaesars to appeal dismissed lawsuit against state<\/strong><\/span><\/p>\n \tCaesars wanted a casino in Massachusetts for a variety of sound reasons, not to mention that the Bay State is the home state Caesars CEO and president Gary Loveman. Because of a relatively minor involvement with another company who had an investor who may or may not have had ties to Russian organized crime, Caesars had to withdraw from the entire licensing process (obviously I agree that they got shafted). So Loveman and Caesars filed a lawsuit against the Massachusetts Gaming Commission Chairman Stephen Crosby, alleging he was favoring Steve Wynn\u2019s project in Everett all along. Last month a US Federal judge practically laughed Caesars out of court, saying the claim rested on a \u201cshaky foundation\u201d of \u201cnaked assertions,\u201d \u201dimprobable inferences\u201d and \u201csensational accusations\u201d). More importantly, a justifiably angry Steve Wynn jumped to Sheldon Adelson\u2019s ship in middle of the Internet gaming war, a move that eventually lead to the American Gaming Association withdrawing all efforts toward Internet Gaming legalization \u2013 something that would have benefited Caesars.<\/p>\n \tUndaunted by the side effects, Caesars has filed notice that they intend to appeal the ruling dismissing their lawsuit against Crosby. It does not seem to phase Loveman and Caesars that this will be happening during a very important election for the gaming industry \u2013 in November, Massachusetts could be the first state to repeal legalized casino gaming. From what I have read and heard, Bay State residents are not anti-casino or anti-gaming as much as they are disgusted with the licensing process and the negative publicity it has brought to the state. (The bad news from Atlantic City \u2013 less than 250 miles away \u2013 probably doesn\u2019t help.) Although recent polls indicate that Mass voters will not repeal gaming, it will be a close hard-fought election, and the effects of gaming repeal would be catastrophic for the entire gaming industry \u2013 everywhere.<\/p>\n \tCaesars Confident on Financing Potential $5 Billion Japan Casino<\/span><\/strong><\/p>\n \tEven with $23 billion in debt, Caesars feels that they will have no problem raising another $5 billion to build a world-class facility Japan, the world\u2019s latest emerging market, even though they will be competing against better-financed rivals with considerably more Asian gaming experience in an untested market with yet-to-be discussed licensing procedures. (Only three years ago, Massachusetts appeared to be an exciting new market.)<\/p>\n \tAnd while the finance end of my thinking tells me that this makes sense (other Asian gaming markets have done so well that any less-than-fantastic figures are news-worthy) I still can\u2019t help wondering how this looks to the 2,500 loyal Caesars employees in Atlantic City whose world is crashing down this morning.<\/p>\n No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":" Commentary By Jeffrey Compton; Its 4:00 a.m. in the morning \u2013 Cleveland time. I\u2019m in my middle of my morning CDC newsroom editing chores (albeit a little early, but I am on a new training regimen that has thrown my…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-7569","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=7569"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7569\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=7569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=7569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=7569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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