AlanMendelson
AlanMendelson
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GWAE
GWAE
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January 15th, 2015 at 6:02:52 AM permalink
The only thing that I care about is what will happen to our RCs. We have a ton of them that I have been hoarding. I keep telling my wife that we should spend them before they take them away in bankrupcty. Last summer we used about $400 worth but we still have a lot. I hate to just go blow them since it really helps us out for cheap vacations to AC.

What is everyones thoughts on them? Should we be worried that they will seize them to save money in bankruptcy?
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
Dieter
Administrator
Dieter
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January 15th, 2015 at 6:08:22 AM permalink
Quote: GWAE

The only thing that I care about is what will happen to our RCs.



Can you spend them on merchandise?
May the cards fall in your favor.
mikes0805
mikes0805
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January 15th, 2015 at 6:52:23 AM permalink
Apparently they are saying Total Rewards is too valuable of a tracking/loyalty program to axe. They are going to let us retain RC's and honor accrual. But be cautious; just because they are keeping the tier system doesn't mean that they are going to rate our play the same.
darkoz
darkoz
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January 15th, 2015 at 8:12:50 AM permalink
The terms of the bankruptcy state there will be no change in operation of the properties.

CET is stated as a separate capital entity.

Here is the pertinent extract:

All Caesars Entertainment properties, including those owned by CEOC, are open for business and are continuing to operate in the ordinary course. All properties are continuing to host meetings and events and provide the facilities, amenities and experiences that guests expect. The entertainers who perform at Caesars properties will continue to do so on their ordinary schedule. Caesars Entertainment, Caesars Entertainment Resort Properties and Caesars Growth Partners, which are separate entities with independent capital structures, have not filed for bankruptcy relief.
For Whom the bus tolls; The bus tolls for thee
GWAE
GWAE
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January 15th, 2015 at 8:14:18 AM permalink
Quote: Dieter

Can you spend them on merchandise?



I thought about that but the costs are horrible. Just off the top of my head, we looked at buying a digital camera from their site a few months back. They were charging something like 120,000 RCS, but you could buy the same camera for $549 at walmart.
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
RaleighCraps
RaleighCraps
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January 15th, 2015 at 9:34:03 AM permalink
Quote: GWAE

The only thing that I care about is what will happen to our RCs. We have a ton of them that I have been hoarding. I keep telling my wife that we should spend them before they take them away in bankrupcty. Last summer we used about $400 worth but we still have a lot. I hate to just go blow them since it really helps us out for cheap vacations to AC.

What is everyones thoughts on them? Should we be worried that they will seize them to save money in bankruptcy?



I had accumulated over $400 in comps at Beau Rivage a couple of years ago and it was getting harder to find time to get to Biloxi. So I decided to zero it out. My wife and I did couples massages and she did some salon treatments. It was AWESOME. I never would have spent cash to do it, but spending comps was okay. I highly recommend spending comps on this.

My opinion is CET will probably not take away RCs, as that would really make a lot of gamblers really upset. But, they may make it harder to redeem them, or give you less value for them, etc. It is also possible that their bankruptcy scheme does not go down the way they want, and they could be forced into actions by a court, that may have an effect on reward points.

Since you have a designated use for your RCs (cheaper AC visits), just using them up will likely feel bad to you. Only thing I can offer is, make your choice, and then don't rethink your decision. You can only choose based on what you know now.
Always borrow money from a pessimist; They don't expect to get paid back ! Be yourself and speak your thoughts. Those who matter won't mind, and those that mind, don't matter!
reno
reno
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January 16th, 2015 at 2:55:16 PM permalink
Quote: darkoz

Caesars Entertainment, Caesars Entertainment Resort Properties and Caesars Growth Partners, which are separate entities with independent capital structures, have not filed for bankruptcy relief.



For the last few years, Caesars has been engaged in a lot of sneaky shenanigans by creating complicated, confusing subsidiaries and shuffling ownership of various casinos (and debt) between the different subsidiaries. I'm not convinced that they're doing themselves any favors, it's probably more trouble than it's worth. And it's getting weird: Caesars Palace is owned by one company but the Octavius Tower at Caesars Palace is owned by a different company!

One theory is that Caesars is dumping the lousy properties (and debt) into one subsidiary and keeping the profitable properties in other subsidiaries. (Ironically, the crown jewel of the entire collection Caesars Palace Las Vegas has been lumped with the lousy properties. Go figure.)

Those guys have made a lot of mistakes and rosy, optimistic projections that didn't pan out. But like I've always said: when your debt hits $20 billion, you might as well spend $550 million on a ferris wheel.

sc15
sc15
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January 16th, 2015 at 3:00:17 PM permalink
Last time I went to caesar's palace they had $10 blackjack tables available. They ain't paying off their massive debts taking action like that.

CP is one of those places that followed "build it and they will come" and it didn't pan out.
beachbumbabs
beachbumbabs
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January 16th, 2015 at 3:34:35 PM permalink
Harrah's still has $10 blackjack, and at least one is 3:2, though others in that pit are 6:5.
If the House lost every hand, they wouldn't deal the game.
djatc
djatc
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January 16th, 2015 at 3:59:36 PM permalink
I took out a $100k marker do I have to pay it back?
"Man Babes" #AxelFabulous
AlanMendelson
AlanMendelson
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January 18th, 2015 at 9:09:10 AM permalink
Quote: djatc

I took out a $100k marker do I have to pay it back?



Yes. And within 30 days.
teddys
teddys
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January 18th, 2015 at 11:52:26 AM permalink
Quote: AlanMendelson

Yes. And within 30 days.

Love the free float.
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
vendman1
vendman1
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January 19th, 2015 at 5:16:13 AM permalink
Federal Judge rules CET reorg plan violated federal law.

http://www.bloomberg.com/news/2015-01-19/caesars-bankruptcy-reorganization-dealt-setback-by-federal-judge.html

This makes me happy. What they were trying to do by putting the "good" pieces of the company in one place, and the "bad" pieces of the company in another was a sham. Glad they got called on it.
zoobrew
zoobrew
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January 19th, 2015 at 5:26:56 AM permalink
This is really about which billionaire will lose some money and unfortunately the small guys, mom & pop businesses, will still be trampled by these billionaire elephants.
vendman1
vendman1
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January 19th, 2015 at 5:35:02 AM permalink
Quote: zoobrew

This is really about which billionaire will lose some money and unfortunately the small guys, mom & pop businesses, will still be trampled by these billionaire elephants.



Well you are certainly correct that the people most likely to lose out would be the bond holders of CET's debt. Mostly institutional investors. But those institutions invest money on behalf of peoples 401(k)'s, IRA, pension funds and the like. So yes billionaires would get screwed by the deal. But lots of little guys would be lose too....just indirectly.

I'm not at bankruptcy attorney...but what CET was trying to do just seemed a blatant violation of the rules. Just glad that they got called on it.
Sabretom2
Sabretom2
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January 19th, 2015 at 5:55:31 AM permalink
Why would anyone want to gamble at a Ceasars property?

After several platinum years, I could see the writing on the wall. Erosion of perks, 6:5, peeking at the bar VP game prior to pouring a comp cup of coffee, resort fees, on and on.

I used up my RCs a year ago and haven't looked back.
GWAE
GWAE
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January 19th, 2015 at 7:45:18 AM permalink
Quote: Sabretom2

Why would anyone want to gamble at a Ceasars property?

After several platinum years, I could see the writing on the wall. Erosion of perks, 6:5, peeking at the bar VP game prior to pouring a comp cup of coffee, resort fees, on and on.

I used up my RCs a year ago and haven't looked back.


One clear advantage is the amount of locations they have. I can use my comps in AC, LV, CA, tunica, and places in between. Their are other companies that have a footprint but nothing as attractive IMO.
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vendman1
vendman1
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January 19th, 2015 at 10:32:56 AM permalink
Quote: GWAE

One clear advantage is the amount of locations they have. I can use my comps in AC, LV, CA, tunica, and places in between. Their are other companies that have a footprint but nothing as attractive IMO.



That makes two of us.

As to Sabre's original comment. I don't particularly like playing at their properties. But it is convenient. I wasn't suggest anyone play there; I just that I was glad a federal judge called them on the carpet for their financial shenanigans is all.
teddys
teddys
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January 20th, 2015 at 7:23:05 AM permalink
They are too big too fail. The final disposition is going to be similar to what happened to AIG, GM, etc. Bailout!
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
bobsims
bobsims
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January 20th, 2015 at 8:13:23 AM permalink
Quote: vendman1

Federal Judge rules CET reorg plan violated federal law.

http://www.bloomberg.com/news/2015-01-19/caesars-bankruptcy-reorganization-dealt-setback-by-federal-judge.html

This makes me happy. What they were trying to do by putting the "good" pieces of the company in one place, and the "bad" pieces of the company in another was a sham. Glad they got called on it.



It's hard to believe they thought for a minute this shell game would work.
Perdition
Perdition
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January 26th, 2015 at 11:19:18 AM permalink
Update
SanchoPanza
SanchoPanza
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January 26th, 2015 at 12:20:27 PM permalink
Quote: Perdition

Update

It's glaringly true that Wilmington, Del., has a long history of dealing with complicated corporate issues like CZR. Chicago not so clear.
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