It's Official -- part of Caesars is now in Chapter 11
January 15th, 2015 at 2:27:31 AM
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January 15th, 2015 at 6:02:52 AM
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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?
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
January 15th, 2015 at 6:08:22 AM
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Quote: GWAEThe 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.
January 15th, 2015 at 6:52:23 AM
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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.
January 15th, 2015 at 8:12:50 AM
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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.
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
January 15th, 2015 at 8:14:18 AM
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Quote: DieterCan 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
January 15th, 2015 at 9:34:03 AM
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Quote: GWAEThe 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!
January 16th, 2015 at 2:55:16 PM
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Quote: darkozCaesars 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.
January 16th, 2015 at 3:00:17 PM
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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.
CP is one of those places that followed "build it and they will come" and it didn't pan out.
January 16th, 2015 at 3:34:35 PM
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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.
January 16th, 2015 at 3:59:36 PM
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I took out a $100k marker do I have to pay it back?
"Man Babes" #AxelFabulous
January 18th, 2015 at 9:09:10 AM
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Quote: djatcI took out a $100k marker do I have to pay it back?
Yes. And within 30 days.
January 18th, 2015 at 11:52:26 AM
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Love the free float.Quote: AlanMendelsonYes. And within 30 days.
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
January 19th, 2015 at 5:16:13 AM
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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.
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.
January 19th, 2015 at 5:26:56 AM
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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.
January 19th, 2015 at 5:35:02 AM
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Quote: zoobrewThis 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.
January 19th, 2015 at 5:55:31 AM
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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.
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.
January 19th, 2015 at 7:45:18 AM
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Quote: Sabretom2Why 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.
Expect the worst and you will never be disappointed.
I AM NOT PART OF GWAE RADIO SHOW
January 19th, 2015 at 10:32:56 AM
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Quote: GWAEOne 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.
January 20th, 2015 at 7:23:05 AM
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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
January 20th, 2015 at 8:13:23 AM
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Quote: vendman1Federal 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.
