Newsletter raises concerns about Caesars bankruptcy, but company not addressing rumors
BY: Richard N. Velotta/www.vegasinc.com
Photo credit: Christopher DeVargas
The publisher of a newsletter about Las Vegas is encouraging readers not to put money down on hotel reservations or make deposits in casinos operated by Caesars Entertainment, citing the prospect of a bankruptcy filing.
“In an abundance of caution, this newsletter advises you not to deposit any funds (deposits for hotel reservations, deposits in the cashier’s cage or not redeeming casino chips, etc.), in … Caesars hotels, until the situation at Caesars becomes clearer,” Publisher Bill Mandel said in his Openings and Closings in Las Vegas newsletter distributed Monday.
Mandel said he has been publishing the newsletter for 16 years and as of Sunday had 64,034 subscribers, mostly frequent Las Vegas visitors and gamblers.
While analysts have speculated on a Caesars bankruptcy filing, company insiders said executives aren’t considering it.
Fitch downgrades Caesars to negative outlook
By Howard Stutz/LAS VEGAS REVIEW-JOURNAL
Fitch Ratings Service said Wednesday it downgraded its view on Caesars Entertainment Corp. from stable to negative, hinting that the casino operator could look at Chapter 11 bankruptcy protection as a method to restructure its sizable debt.
Another option could include spinning off the Caesars Interactive Division as a separate public company. Caesars Interactive oversees the World Series of Poker.
"The outlook revision reflects Fitch's heightened concern regarding (Caesars) near-to-medium term cash burn rate and potential covenant compliance pressure," Fitch analyst Michael Paladino wrote in a report to investors. "These factors, combined with previously expressed concerns about weakening relative asset quality due to constrained capital reinvestment, more than offset the positive credit impact from recent transactions executed to push out its debt maturities meaningfully."
Britney Vegas Announcement Seems Set For September 17
The Internets are starting to go cray cray (slipping into our assumed Britney speak) with news that Caesars Entertainment has reportedly invited employees to "come play a part in the biggest announcement in Las Vegas Entertainment History" on September 17.
BreatheHeavy.com, a Britney fan site, wrote about the news yesterday, and now it's picking up steam on Twitter. Breathe Heavy says participants are being told to meet at Planet Hollywood to be shuttled to an undisclosed location and to "expect this event to generate global media attention."
Recently, a countdown popped up on BritneySpears.com which now has 12 days and 20 odd hours left to go as of this posting. Britney has long, long been rumored to be working on a Vegas residency with Planet Hollywood as the host hotel.
Steve's Las Vegas Quickies:
A new high-end gaming lounge is opening at the MGM Grand.
Set to open Aug. 28, Whiskey Down
will take over the former space of Tabú.
The 24-hour lounge will feature six blackjack tables, seven video poker machines and a 64-seat bar.
Whiskey Down’s drink menu is flush with a huge collection of brown spirits, including American, Canadian, Irish and Scotch whiskies, as well as specialty cocktails.
Longtime Southern Nevada gaming executive Rob Kunkle
has been named general manager of the Riviera.
Kunkle was most recently vice president and general manager of Station Casinos’ Texas Station property. He held several positions with Station, including general manager of the company’s Wildfire Gaming division and vice president and general manager of Fiesta Rancho.
All it took was two spins on a 25-cent slot machine for a lucky Delaware native to leave the Riviera
with a pinch under $1 million on her birthday.
Mozelle Wallace of Rehoboth Beach sat down at the progressive Wheel of Fortune
game Friday to celebrate her 69th birthday.
On her second spin, maxing out her bet at 75 cents, three Wheel of Fortune symbols popped up for the jackpot.
Her payout? $937,608.36.
has opened a new gaming area called The Casino Bar.
Located a few strides from the table games on the casino floor, the bar is outfitted with 10 55-inch flat-screen televisions all tuned to sports, as well as 30 $1 and 25-cent video poker machines on the bar.
More than 60 new slot and video poker machines flank the bar.
“The Casino Bar is a great spot for those looking to play while enjoying their favorite cocktails,” said Lori Nelson, a Station Casinos spokeswoman.
The doors have been officially shuttered at Planet Hollywood’s Gallery Nightclub.
Rumors ran rampant during Labor Day Weekend, and a Caesars Entertainment official told me this afternoon: “Planet Hollywood can confirm that Gallery Nightclub