The company's Caesars Entertainment Operating Co (CEOC) division had won the approval of the US Bankruptcy Court for the Northern District of Illinois to bring to a close a court-supervised process of restructuring.
Therefore, the US casino group Caesars Entertainment Corp. can now make the necessary steps to end its $18 billion (or €16.9 billion) bankruptcy case. They are now setting their [...] Read more » Caesars gets approval to end their bankruptcy case worth $18 billion
Joined: Mar '11
Location: United Kingdom
Age: 55 (M)
Posts: 7371
You would never have thought, that you would see the day, when Caesars Palace would be filing for bankruptcy. This is the most famous casino in the world and i am glad that they have come out of this
Joined: May '08
Location: Lithuania
Age: 39 (M)
Posts: 10090
yeah this quite unexpected, but probably they just overpaid big time, invested in huge projects at times where prices were high, customer base was healthy and the potential they saw was rosy all around and then they faced the downturn in the economy and decreased numbers of activity and boom... bankruptcy to the rescue.
Joined: Jan '17
Location: Lithuania
Age: 66 (M)
Posts: 1756
I do not understand how these big companies can go bankrupt, they have so much money, very great people in the team, they can use the money to take part in marketing and get new clients and then those clients just spend the money and business is doing well, why go bankrupt? Too much money to go bankrupt I think.
Posted by Gerimantas: I do not understand how these big companies can go bankrupt, they have so much money, very great people in the team, they can use the money to take part in marketing and get new clients and then those clients just spend the money and business is doing well, why go bankrupt? Too much money to go bankrupt I think.
Well that's just not how companies think. Companies will take gambles to make sure they grow continously. They will "invest" in advertising and new stuff because they have to keep growing. That's how entrepreneurs are taught to think at school. If you're not moving, you're moving backwards. (I don't completly agree with that way of thinking but that's what drives capitalism)
Besides, Ceasar's palace may be the most well known casino in the world but I'm sure some other casinos from Las Vegas are getting a lot more. I think Cesars had a hard time keeping regular high stakes players there and you can't run a casino on slot machines only.
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
It must be, if not the most known casino in the world, one of the top. A bunch of movies have been shot there, and one of the last and most famous, was The Hangover.
but it seems to me that the mafia that is invented and bankruptcy is the only part of a larger operation for obtaining money ... of course the casino may go bankrupt but in this case it seems to me that this is a mafia operation .. Las Vegas mafia city
Joined: May '09
Location: Croatia
Age: 39 (M)
Posts: 20409
wow,its strange when you read that some casino have to declare bankruptcy,especially when is famous casino like caesars!but know what is behind this and what moves they had,when they are now in this situation!
Something wrong with the numbers here - first they say the case is about $18 billion but then it turns out their debt is just a little more than half of that amount. Could it be that the rest of eight billion is belongs to their former workers and all the companies who sold their goods to them? Somebody getting played here just don't know who and hoe.
Joined: Feb '10
Location: India
Age: 33 (M)
Posts: 31
baffles me that a casino can go broke, it's the perfect business,the money that flows from gambling, which is always in the house's favour,,is just one part of a much larger picture... people show up lose their money playing rigged table games and slot machines, then leave.
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
They spent too much money building it in the first place. Then they have a huge number of staff some of them, (thousands) With bad management and a bit of shortage in customers, anything can happen. And some times as they say, it is location, location, location
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