Caesars Sells The Quad, Ballys and Cromwell...
Speaking of House of Cards... Caesars Entertainment has sold The Quad, Ballys, The Cromwell and Harrah's New Orleans casinos for a whopping $2.2 billion dollars,... the buyer of these casinos is Caesars Entertainment sub-corporation Caesars Growth Properties.
Yes, folks, you read that right. Caesars Entertainment just sold four of its casinos to itself, profiting $2.2 billion dollars and moving a chunk of their debt to a different spreadsheet.
It appears that Caesars Entertainment CEO's roadshow presentation on their proposed debt hiding methodologies has worked out, giving Loveman's overlords Apollo Global Management and Texas Pacific Group Capital a wide enough berth to get the job done.
I've probably told this story before, but I'll tell it again for those who may have missed it. During the last week of preparation for the second edition of Vegas Internet Mafia Family picnic at Bally's, discussions arose regarding budgeting, wherein Caesars reps asked us to pony up a coupla thousand bucks to pay for this free event. Included in those fees was the cost of using two 8-foot long folding leg tables for the stage presentation, the exact price escapes me but was somewhere in the neighborhood of $200. We declined to pay, and the PR team boss pulled some strings and footed the bill... paying Caesars Entertainment $200 bucks to rent two tables from Caesars Entertainment, realizing a $200 profit for the company. This, in a nutshell, is the foundation upon which Caesars Entertainment's House of Cards is built. As a guy who loves casinos, loves gambling and loves following the business end of casinos, this was a quite an eye opener.
Now we wait for one of the octopussies' other shoes to drop...
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