The largest operating unit of Caesars Entertainment has filed for bankruptcy protection. The filing came early Thursday. The company hopes to eliminate $10 billion of its debt. An estimated 80 percent of the shareholders have agreed to the terms.
The bankruptcy filing affects casinos in more than a dozen states. The only Las Vegas property covered by the operating unit’s bankruptcy is Caesars Palace. The others have all been moved to other units within the company.
This structure will change if the plan is approved. The company would emerge with an operating unit and real estate investment trust.
Junior creditors have attempted to block the filing in Delaware. A ruling there is expected Monday.
The move does not affect any of the company’s operations. Employee, key vendor, and Total Rewards payments have already been approved by a Chicago bankruptcy court.
A workshop was held Thursday to discuss expanding sports betting in Nevada to include the Olympics. A 2001 change that allowed wagering on Nevada and UNLV events added the language that forbid wagering on “any amateur non-collegiate sport or athletic event”.
Most major Nevada sports books have petitioned the Nevada Gaming Commission to reconsider this language so that action may be booked on Olympic Games. A February hearing will discuss the topic. Gambling on Olympic Games is already permitted in many countries.
Nevada sports books would also like to offer betting on awards shows. These are currently banned because the outcome is already known beforehand by insiders. These would be novelty bets with large house edges and low limits. Offshore books already accept action on these wagers with a maximum bet of $100 or less.
The New Jersey Division of Gaming Enforcement released December 2014 numbers for Atlantic City casinos. Casinos won $179.6 million, down 13 percent from the previous year. For 2014, Atlantic City casinos won $2.7 billion. That was down 50 percent from the 2006 peak of $5.2 billion.
The losses can be attributed to competition in neighboring states. Pennsylvania surpassed New Jersey in 2012 in terms of gaming revenue. That made Pennsylvania number two in the country behind Nevada. New casinos in Maryland, Delaware, and New York have also hurt Atlantic City’s ability to draw players.
Bluff Magazine will end its 10-year run in February. The poker magazine is available for free in poker rooms throughout the country and by mail to subscribers. Like most print media, the lack of demand forced the company to make the decision to stop publishing a print version. The company, owned by Churchill Downs, will continue operating an electronic version of the magazine.
Las Vegas is losing another poker room. The Linq is closing its poker tables next week. This property was formerly known as Quad and Imperial Palace. The once popular poker room lost action when it was moved during a remodel. It never regained its previous level of play. Players will be referred to Harrah’s, which is a short walk away. The rake at Harrah’s has been dropped to $4 to help draw the players lost at the Linq poker room.
A second PokerPro room is coming to Las Vegas. It will open at Aliante Casino in North Las Vegas by the end of the month. This is the second PokerPro installation in Las Vegas. The other is at Plaza, which is located downtown. The electronic poker tables became so popular there that the room recently expanded from three to five tables.