Tagged bankruptcy

Judge slams Caesars’ attempt to hide 7 million page investigation; Redacted report to be released by end of Feb

January 22, 2016

Las Vegas, Latest Casino and Gambling News, Casino News, Bankruptcy, Illinois, Financial Fraud, Nevada, New Jersey

Caesars Entertainment Operating Company, Inc. is looking to cut its debt load of more than $18 billion roughly in half through a Chapter 11 bankruptcy filing. In March 2015 Judge A. Benjamin Goldgar of the U.S....

Atlantic City casino aid package rejected again by Christie

K Morrison

January 20, 2016

Casino News, Latest Casino and Gambling News, North America Casino News, Gaming Industry News, Economy/Finance, Bankruptcy, New Jersey

A financial assistance package considered essential to help stabilize Atlantic City’s struggling casino market has once again been rejected via “pocket veto” by New Jersey Governor Chris Christie. The measures ...

Spending cuts—but not bankruptcy—eyed for Atlantic City

Sadonna Price

January 17, 2016

Latest Casino and Gambling News, Economy/Finance, Employment & Careers, Labor Relations, New Jersey

Bob McDevitt is the President of the Local 54 of Unite-HERE, a union heavily involved in the Atlantic City casino industry. Union workers have been greatly affected by recent issues in Atlantic City including t...

Appeals court rules in favor of Trump Taj Mahal in worker benefits case

Sadonna Price

January 17, 2016

Latest Casino and Gambling News, Labor Relations, Bankruptcy, Fines, Lawsuits & Litigation, New Jersey

On Friday, an appeals court of Atlantic City ruled in favor of the Trump Taj Mahal Casino, stating the casino was within their legal right to end the pension and health insurance benefits for employees. With th...

Caesars Entertainment Corp case with bondholders to go to trial

Sadonna Price

January 5, 2016

Latest Casino and Gambling News, U.S.A., Economy/Finance, Bankruptcy, Fines, Lawsuits & Litigation

Bondholders’ involved in a case against Caesars Entertainment Corp lost the opportunity for an early resolution in a lawsuit after a United States District Judge ruled in the casino’s favor. The case will go to...

Will Borgata Casino’s request for tax refunds bankrupt Atlantic City?

Sadonna Price

January 4, 2016

Latest Casino and Gambling News, Fines, Lawsuits & Litigation, New Jersey

The Borgata Casino in New Jersey is owed more than $150 million in tax refunds by Atlantic City, with the city paying back the money via a payment plan. It was on the 8th of December that the city missed a paym...

China EXIM Bank announces preliminary plan for bankrupt Baha Mar Resort

Sadonna Price

December 20, 2015

Latest Casino and Gambling News, Casino project updates, Bahamas

It has been months since the Export-Import Bank of China has announced any news on the Baha Mar Resort, and now the financial institution has come forward, announcing an introductory plan for the future of the ...

December 15th Deadline to be missed by Examiner investigating Caesars restructuring efforts

Sadonna Price

November 8, 2015

Latest Casino and Gambling News, U.S.A., Bankruptcy, Fines, Lawsuits & Litigation

The restructuring efforts of Caesars Entertainment Operating Company is currently being investigated by an examiner, former federal prosecutor Richard Davis. The report by Davis was scheduled to be ready by the...

Chinese government bank forecloses on Baha Mar in Bahamas

Sadonna Price

November 4, 2015

Latest Casino and Gambling News, Casino project updates, Bahamas, Bankruptcy

Close to six weeks after bankruptcy protection from the United States was thrown out for the Baha Mar Resort the the Bahamas, their Chinese lender has now decided to foreclose on the Bahamas property. The Expor...

Money laundering scandal involving Caesars Entertainment results in multi-million dollar fine

Sadonna Price

September 9, 2015

Latest Casino and Gambling News, Money Laundering, Bankruptcy, Fines, Lawsuits & Litigation, Nevada

Based on what the federal authorities are calling ‘severely deficient’ controls on anti-money laundering, Caesars Entertainment Corp. must now pay a hefty civil penalty. $8 million will be paid by Caesars based...

Caesars denied permission for quick appeal to halt bondholder suits

D. Graham

July 30, 2015

U.S.A., Las Vegas, Casino News, World Casino News, North America Casino News, Gaming Industry News, Delaware, Bankruptcy, Nevada, New York

U.S. Bankruptcy Judge A. Benjamin Goldgar has denied Caesars Entertainment Operating Company (CEOC) permission to appeal his July 22 ruling which has allowed bondholder lawsuits in other states to proceed while...

Caesar’s Bankruptcy hearings move forward as stocks plummet

D. Graham

July 22, 2015

Casino News, Latest Casino and Gambling News, U.S.A., World Casino News, North America Casino News, Gaming Industry News, Delaware, Bankruptcy, Illinois, Nevada

Caesar’s Entertainment Corporation’s (CEC) stocks took a dramatic 41% fall despite attempts by Marc Rowan of Apollo Global Management LLC to dump billions of dollars of investment debt through bankruptcy of its...

Baha Mar files for bankruptcy protection after continual construction delays

Sadonna Price

June 30, 2015

Latest Casino and Gambling News, Casino project updates, Bahamas, Bankruptcy

The development company behind a new Bahamas resort complex with a price tag of $3.5 billion has now filed for bankruptcy protection. Baha Mar Ltd filed on Monday, stating a Chinese contractor was the reason be...

New Jersey regulators approve Carl Icahn’s ownership of the Trump Taj Mahal

Renee Kingsley

June 11, 2015

Casino News, Latest Casino and Gambling News, U.S.A., Gaming Industry News, Mergers, Acquisitions & Partnerships, Bankruptcy, New Jersey

Atlantic City’s Trump Taj Mahal Casino Resort applied for bankruptcy in 2014 but was bailed out by billionaire Carl Icahn who has a lot of experience working with bankrupt casinos and turning them around. The T...

Caesars gets six months to finalize its bankruptcy plan

Renee Kingsley

May 28, 2015

Latest Casino and Gambling News, Las Vegas, Gaming Industry News, Bankruptcy

Yesterday in Chicago, U.S. Bankruptcy Judge A. Benjamin Goldgar decided to extend Caesars Entertainment Operating Co.'s (CEOC) exclusive right to offer a proposal to get out of bankruptcy. They will have until ...