DCC Forced to Move?????
- Thread starter BmoreMoney
- Start date
Old Nine Baller
Banned
Jerry Forsyth
Well-known member
When the new group bought Caesars a few years ago they did so with debt that was structured to be too short-term. Then the financial crisis hit Vegas hard. All they are asking the judge to do is to give them more time to repay the debt in a way that allows them to do so out of current cash flow. They are not trying to avoid debt, they want to pay it all off, they just need a little more time. No one in the financial industry is considering this as a big deal.
RKC, what I stated in my post is neither gossip or speculation as what I posted is what USA Today, WSJ, CNBC as well as many other well respected national news organizations. If you are referring to my question about DCC ( yes question not a statement hence the 5 ?'s it was just a question of what could happen) If u think that is not a possibility then I would ask you sir to be the one to spend a little time researching other past bankruptcy fillings of companies that were " just restructuring debt " and see how many times one or more locations have closed as part of the restructuring process.
As far as stating I read, watched ....... I didn't feel that necessary as I thought that would be a given - unless of course one thought that I rcvd that information via telepathy lol.
As far as them repaying everyone in full...... That's not exactly as I understood it. Several articles specifically state that the " junior" creditors will only receive at most 10% of the 5 billion in debt owed them.
Also, I wasn't talking about DCC this year, I was wondering about the future moving forward.
For the record I hope none of the properties close, I really like Horseshoe as it is one of my fav casinos.
One last thing, one of their 3 casinos in Mississippi have already hit the chopping block.
GM and Chrysler were bailed out because Obama was taking care of a core constituency, the UAW. I'm not aware of any equivalent union for casino workers.
Tunica was a bad location from the start as in no local population to begin with. Where are the other 2 casinos in Mississippi located?
How dare you disagree with the greatest stapler in pool!
Such a fan base I have, like you....you all just love hanging on my coat tail and follow me all around like little puppies
Such a fan base I have, like you....you all just love hanging on my coat tail and follow me all around like little puppies
What up
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rekt
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rekt
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What up
That's funny bro! Far as AC, yeah that would be awesome - at least for me. If were to be in AC I'd go to everyone.
RKC - Horseshoe Tunica, Tunica Roadhouse, and the closed Harrahs Tunica. All located in..... Tunica.
So, just out of curiosity, what's the common denominator between those 3 locations? Tunica??? What's the probability that if only 1 casino was there, that it would have been a profitable location, and this conversion wouldn't even be taking place right now?
Agree Jerry.
Courts prefer to know that some money is trickling back rather than no money. These things usually work themselves out :thumbup:
The commonality aside from location would be they are all owned by Caesars ( or one of their subsidiaries). Relevance to DCC - one bad location in a corporation that large is not going to cause bankruptcy. It is a much more dynamic problem.
I also read an article mentioning Caesars 5 biggest underperforming ( or losing ) properties of which Indiana was one. If they are to have to " trim the fat " it would be reasonable to think their most underperforming properties could be in danger.
As far as profitability if only 1 casino I dont know if you mean only 1 Caesars casino or 1 casino total so ill answer that best I can. I believe they have a couple dozen casinos in Mississippi. That could mean oversaturation for that area
That coupled with economy and prob other factors too created the problem with that particular area. If only 1 casino there it wouldn't really be any kinda tourist destination at all.
As I stated before, one bad location will not cause bankruptcy with a corporation that large. Revenues down overall coupled with enormous debt is a huge problem will have to be addressed one way or the other for company to stay im business. ( yes that statement was just common sense and no not all properties are doing poorly )
RKC, just out of curiosity what exactly do you disagree with so I can address that specifically so we do not go round and round? OR, are you just wanting to be contradictory regardless of whatever is said ? Fair question
For a brief moment, I got super excited as I read your link "cnbc" and thought "wow, the Derby made it to a huge national news source!"
Then I clicked on it. Oh well.
National News Source?
Have you seen their Nielson ratings lately?
just sayin,,,,,,,,,,
Bankruptcy doesn't always mean the business closes, often it is taken over by debt holders, then someone else runs it with less debt to service.
A facility that big won't be closed, then torn down. At the right price and right amount of debt, it makes money.
Companies file bankruptcy and keep operating all the time, United Airlines, General Motors, American Airlines, Pacific Gas and Electric etc..
A facility that big won't be closed, then torn down. At the right price and right amount of debt, it makes money.
Companies file bankruptcy and keep operating all the time, United Airlines, General Motors, American Airlines, Pacific Gas and Electric etc..
My point was more along the lines of being like someone buying a 7-11 franchise, putting it on the corner of a 4 way intersection, then seeing it do so well, decides to buy 2 more franchises and having them built on 2 of the remaining corners of the same intersection expecting the same results as the first location. Casinos do that in an effort to keep other casinos from trying to move in next door and take some of that customer base for themselves, but when one casino builds all the casinos in an area like Tunica, they become victims of their own greed trying to keep others out. I've seen this happen a lot in Washington state when the first agreed to let privately owned casinos open. Cities that at fir...st allowed them to open in their city limits had no idea the doors they had opened when they were flooded with casinos opening, only to later decide that the tax revenues raised from the casinos didn't outweigh the problems brought on by letting the casinos in....so, they later changed their city ordnance to no longer allow casinos and gave them all 1 year to relocate somewhere else....only a lot of other cities had seen the results of what casinos brought with them, and closed their doors to casinos as well. Seattle Washington, the largest city in the state....has never allowed casinos for that very reason. Tacoma, one of the top 4 mostly populated cities in the state, was just one of the cities that reversed their position on casinos and also gave notice to all casinos within their city limits to relocate somewhere else. So, I guess my question is more along the lines of are casinos the best locations for major pool tournaments to be held in, why is no one looking to work with cities that have convention centers in the hopes of expanding the possibility of bigger and better tournaments.
Ocean Shores Washington has every major hotel chain there is, ocean front views, one convention center, one tribal casino....and at the time DCC takes place, over 10,000 empty hotel rooms and not one thing going on because the city is empty during the winter months. All the major hotels have event centers in them as well....empty. There's room enough to bring in over 500 tables and set them up, and the city, hotels, and casino would do just about anything to get this kind of business.....yet it's overlooked year after year.
OCEAN SHORES CONVENTION CENTER
The primary mission of the Ocean Shores Convention Center is to be a catalyst to promote and support tourism industry for the City of Ocean Shores business community. A secondary mission is to be a resource for local civic and community organizations
Ocean Shores 29,900 square foot Convention Center is only two blocks from the Pacific Ocean, and is designed to host meetings,events and exhibits of all sizes- from 30 to 900 attendees. With 14,700 square feet of flexible meeting space, state of the art communications and audio/visual facilities, plus dinner seating for 800, the facility is ideal for any type of meeting.
The primary mission of the Ocean Shores Convention Center is to be a catalyst to promote and support tourism industry for the City of Ocean Shores business community. A secondary mission is to be a resource for local civic and community organizations
Ocean Shores 29,900 square foot Convention Center is only two blocks from the Pacific Ocean, and is designed to host meetings,events and exhibits of all sizes- from 30 to 900 attendees. With 14,700 square feet of flexible meeting space, state of the art communications and audio/visual facilities, plus dinner seating for 800, the facility is ideal for any type of meeting.