Taj Mahal to close in November?!
Trump Entertainment Resorts, filed for bankruptcy protection today. The company plans to shut its Trump Plaza in Atlantic City next Tuesday and announced it may close the famous Trump Taj Mahal in November.
Whoa...
Quote: 100xOddshttps://www.baltimorebrew.com/2014/09/09/walls-street-sharks-circling-the-financially-bleeding-operator-of-horseshoe-baltimore/
'...boil down to the accusation that Caesars has been fraudulently transferring its “good” assets out of the reach of creditors and undercutting the value of the parent company.The world’s largest casino company hasn’t posted a profit in its core operations since 2009. Last year it shocked Wall Street by reporting $3 billion in losses – the result of softness in its Midwest and Gulf Coast markets and a steep decline in Atlantic City.'
How can this possibly have a happy ending
for Caesars? 3 billion in losses? Look for it
to be split up and sold, it's the only remedy.
Quote: 100xOddshttps://www.baltimorebrew.com/2014/09/09/walls-street-sharks-circling-the-financially-bleeding-operator-of-horseshoe-baltimore/
Trump Entertainment Resorts, filed for bankruptcy protection today. The company plans to shut its Trump Plaza in Atlantic City next Tuesday and announced it may close the famous Trump Taj Mahal in November.
Whoa...
Trump Plaza closed on September 16th which was a Tuesday. I think WARN notices were sent to Taj employees a while ago.
This article was issued almost a month ago, not today
You play in Maryland, 100x, why are you surprised by this? ;)
Quote: tringlomaneJust to pile on a bit...
You play in Maryland, 100x, why are you surprised by this? ;)
lol.. would have bet the farm that the survivors of the AC casino collapse would be Borgata and Taj.
I was shocked to find out that Taj is on the chopping block, and soooooooooo soon.
as for the article, I was also surprised that Caesar's is trying to pull a fast one by spinning off their good casinos (ie: Horseshoe Baltimore) w/little debt while bondholders hold the bag for the unprofitable casinos that's left.
I cant see Caesar's winning this.
If I didn't bet all my stock speculation $ on Ahigh's company ($5k on Ntek), I would short CZR!
(I don't see them having the $5 billion in debt payments due by the end of 2015)
Quote: EvenBob
How can this possibly have a happy ending
for Caesars? 3 billion in losses? Look for it
to be split up and sold, it's the only remedy.
That should have happened when they did the LBO. Split Harrah's and Caesars, keeping them in one is like selling Chevys and Cadillacs in the same showroom. Keep the land under Flamingo and rent the concession to a management group or just spin it off with a fair share of the debt. Brand Hararahs and use it for all the Indian and other locations. Keep Caesars high end. As it is now it is a mess.
Quote: 100xOddsI cant see Caesar's winning this.
If I didn't bet all my stock speculation $ on Ahigh's company ($5k on Ntek), I would short CZR!
(I don't see them having the $5 billion in debt payments due by the end of 2015)
Stock is down over 50% this year already and are one of the most shorted stocks out there. Not sure why anyone would own it unless they know something everyone else doesnt.
Quote: AZDuffmanThat should have happened when they did the LBO. Split Harrah's and Caesars, keeping them in one is like selling Chevys and Cadillacs in the same showroom. Keep the land under Flamingo and rent the concession to a management group or just spin it off with a fair share of the debt. Brand Hararahs and use it for all the Indian and other locations. Keep Caesars high end. As it is now it is a mess.
I would have thought 3:
-harrahs for low end fleas
-caesars for high end bored housewives
-and Horseshoe because of the publicity gold of the WSOP
