Caesars & Harry Reid

[LoneStarHorse]

Just another reason to leave Caesars, they racked up all this debt then instead of doing the honorable thing they are just trying to screw everyone. Thus the cutback to their "loyal players"


Word surfaced that Reid was attempting to attach his amendment to the spending bill as a favor to Caesars, one of his home state’s largest employers. Caesars has been attempting to restructure its bankrupt main unit Caesars Entertainment Operating Co (CEOC) since January but junior creditors, who stand to lose billions under Caesars’ plan, have filed lawsuits aimed at stopping this heist dead in its tracks. The amendment would have let Caesars proceed with its plan without regard to the lawsuits.

The amendment first appeared in November, when it was attached to a federal transportation bill. Critics, including Tea Party types and the creditors the bill would end up screwing, raised a sufficiently loud ruckus to get the amendment pulled. But Reid is retiring this November and no longer cares what his constituents think of him.

Sen. Harry Reid (D-NV) had withdrawn a provision of the federal $1.1 trillion spending bill that would have altered the Trust Indenture Act, a Depression-era measure that dictates what bankrupt companies can and cannot do to get themselves back on their feet.

Faced with billions of dollars in annual interest charges Caesars simply couldn’t afford to go on paying, the hedge funds orchestrated a series of controversial maneuvers, including reneging on billions owed to junior creditors and shuffling CEOC’s profitable assets into other Caesars divisions prior to the Chapter 11 filing.

Caesars has warned that if the creditors prevail in their lawsuits in New York and Delaware, the parent company will also have to declare bankruptcy. The lawsuits won’t be heard until sometime this year, but a federal judge has previously suggested she’s leaning towards the view that Caesars’ pre-bankruptcy moves violated the Trust Indenture Act.

[Rob.Singer]

Now you're dragging poor Harry Reid thru the mud.

And you're talking to zombies around here when you explain why no one should play at Caesars any more. There are mostly Diamond & Seven Stars people addicted to their hot-shot player's cards.

[LoneStarHorse]

I've been a Seven Star player for 8 years, I'm done with Caesars after this weekend...I just cancelled my three rooms for Super Bowl Weekend at Paris. Rebooked at Wynn Encore.
Yesterday I had a chat with my host in Vegas, didn't like a word he said... I thought about his words all night this morning I woke up and cancelled...

Other properties have nice shows & places to eat, Caesars and I have run our course... "When you sleep with dogs you get fleas" I'm done scratching..

I called a guy from Wynn gave him my TR number and wife's he called me back in 2 hours said whatever I needed he can get me... Told him Super Bowl Weekend & Party, gave us three suites... I'm a guy who plays in casinos 40 weekends a year.. Have been blinded by Caesars I now see what else is out there...

Won't ever walk into a Caesars property again....

Now you're dragging poor Harry Reid thru the mud.

And you're talking to zombies around here when you explain why no one should play at Caesars any more. There are mostly Diamond & Seven Stars people addicted to their hot-shot player's cards.

[redietz]

I don't doubt they had Harry Reid's ready-to-retire stand in their back pocket from the beginning.

Harrah's hijacked an honorable and classic name when they re-branded as CET. It makes me sick.

They never knew what they were doing. Their former CEO figured he knew gamblers better than gamblers knew themselves, despite the fact he rarely set foot in casinos. That is the absolute height of arrogance.

I hope they collapse in a heap and get picked over like carrion. Harrah's had no respect for Las Vegas history or precedents. They have hung on for more than a decade despite grotesque spending and inane decisions.

I cannot wait for the parent company to officially declare bankruptcy and get slapped for their maneuvering. This company deserves to bite the dust, or in this case, the sand.

[LoneStarHorse]

Redietz

Well stated, that's exactly why I'm leaving the "Titanic" anyone who stays to watch the ship sink is just being stupid.. They no longer care about their top tiered players like they used to..
But I'm sure a few dummies will go down with the ship, then they'll drown kicking & screaming.. Me only my ankles got wet

I don't doubt they had Harry Reid's ready-to-retire stand in their back pocket from the beginning.

Harrah's hijacked an honorable and classic name when they re-branded as CET. It makes me sick.

They never knew what they were doing. Their former CEO figured he knew gamblers better than gamblers knew themselves, despite the fact he rarely set foot in casinos. That is the absolute height of arrogance.

I hope they collapse in a heap and get picked over like carrion. Harrah's had no respect for Las Vegas history or precedents. They have hung on for more than a decade despite grotesque spending and inane decisions.

I cannot wait for the parent company to officially declare bankruptcy and get slapped for their maneuvering. This company deserves to bite the dust, or in this case, the sand.

[Alan Mendelson]

I also posted this in the Super Bowl thread. So you are taking the high road against the Evil Empire. Good for you.

I've put aside my 100% allegiance to Caesars also. But I'd hate to see them go under. If Caesars falls other player programs will have a license to cut benefits.

[redietz]

I'd swap better gambling for players' club benefits in a second. I think that's what we'd see, especially if one of the locals companies managed a takeover of one of the CET properties.

Two things that stick out when I think of the recent CET decisions:

1) Building that giant ferris wheel. I mean, the kiddie trends ended, I thought, with Excalibur ditching the dragon and the closing of the MGM theme park in back. I don't mind somebody spouting that idea at a brainstorming session, but how did that get built? What customer surveys led to that being given the go ahead? I'd love to see the research -- maybe MGM had a mole who came up with that idea.

2) The remake of Bill's, previously the Barbary Coast, into the Cromwell. What the hell? Planet Hollywood is right up the block with the identical target demographic, owned by CET. Caesars was trying to amp up their clubs inside CP. Why transform a property, at enormous cost, into something to directly compete with your own stuff? Why spend a ton of money to compete with yourself? What possible sense did that make? If the CP clubs needed a boost to compete with other clubs, how do you arrive at the conclusion to design a competing property directly across the street, cannibalizing your own customer base?

[regnis]

I do hope they are forced to file BK for the main company as anyone can clearly see what they tried to do with their "spin-offs". As I mentioned somewhere before, there is a pretty good BK judge who usually would have some fun ripping the whole thing apart. But there is always the concern that Harry Reid isn't the only one who's pocket they are in.

That being said, CET still gives me what I want--a free room when I need it. No I don't get all of the other things I had become used to, but I also am not a player anymore. So I get the free room anytime I want, and maybe a few bucks free play. I can't expect anymore at my level.

[Alan Mendelson]

Even if another company took over any Caesars properties the gaming won't be better. There are strip odds and off strip odds and it will always be that way.

If Caesars falls MLife benefits will be slashed followed by everyone else.

You know who will win? California Indian casinos.

[Alan Mendelson]

1) Building that giant ferris wheel. I mean, the kiddie trends ended, I thought, with Excalibur ditching the dragon and the closing of the MGM theme park in back. I don't mind somebody spouting that idea at a brainstorming session, but how did that get built?

I'm going to guess that Caesars didn't want that other "big wheel" built at the south end of the Strip and that's why they jumped on it -- to be sure center Strip continued to be the focal point.

Yes, I've been on it and it wasn't bad. It would not be a priority for any of my Vegas trips but I can certainly understand why "tourists" would want to be there and take the big vertical spin.

I'm just surprised Caesars hasn't done a better job marketing it as a wedding venue. The ride is a perfect length for a ceremony and cocktails and the first fight between families.

[LoneStarHorse]

redietz

I enjoy gambling in the Cromwell, smaller nicer crowd.. I agree the "boutique" type of casino isn't what we wanted or needed.. The suites are small and dark. I must say though the security there is great on top of everything in a split second. The high limit area is a complete joke, tiny..
My kids like the nightclub, if they are happy I'm happy... But Wynn from what I hear has a very good night club, we shall see soon

I'd swap better gambling for players' club benefits in a second. I think that's what we'd see, especially if one of the locals companies managed a takeover of one of the CET properties.

Two things that stick out when I think of the recent CET decisions:

1) Building that giant ferris wheel. I mean, the kiddie trends ended, I thought, with Excalibur ditching the dragon and the closing of the MGM theme park in back. I don't mind somebody spouting that idea at a brainstorming session, but how did that get built? What customer surveys led to that being given the go ahead? I'd love to see the research -- maybe MGM had a mole who came up with that idea.

2) The remake of Bill's, previously the Barbary Coast, into the Cromwell. What the hell? Planet Hollywood is right up the block with the identical target demographic, owned by CET. Caesars was trying to amp up their clubs inside CP. Why transform a property, at enormous cost, into something to directly compete with your own stuff? Why spend a ton of money to compete with yourself? What possible sense did that make? If the CP clubs needed a boost to compete with other clubs, how do you arrive at the conclusion to design a competing property directly across the street, cannibalizing your own customer base?

[LoneStarHorse]

The casinos that will "win" are the ones who take care of each and every customer as if they were a member of their family..