Hit With Crisis After Crisis, Caesars Struggles to even keep an Keel

Hit With Crisis After Crisis, Caesars Struggles to even keep an Keel

Caesars Entertainment is not having a week that is good being hit with numerous crises; any resemblance of Nero here to company CEO Gary Loveman is solely coincidental.

Then Caesars Entertainment Corp. is doing just fantastically well if the old adage that bad publicity is better than no publicity holds true. By other measures, however: maybe not so much.

As if being forced for PR reasons to cut ties with its Las Vegas Strip hotel that is new casino project partner Gansevoort and bailing from a $1 billion Boston-area casino project with racetrack Suffolk Downs weren’t sufficient, the casino giant is now reportedly the topic of federal inquiry into potential violations of the Bank Secrecy Act at Caesars Palace, their flagship Las Vegas property. Then add a strange and random shooting outside of Drai’s at Caesars-owned Bally’s in Las vegas, nevada, a tragedy that left one patron dead who had been trying to tackle the gunman, also two security guards wounded. And lastly, a baby that is newborn body apparently found behind Planet Hollywood on the Strip in the same week might have made it seem like the Apocalypse had landed in Caesars’ yard ahead of schedule.

Problem After Problem for Caesars

Of course, the company’s industry-high $23.5 billion long-term debtload is maybe not even news anymore; it’s just become a huge yoke that Caesars now carries around wherever it goes these days. The real question is, w Continue reading “Hit With Crisis After Crisis, Caesars Struggles to even keep an Keel”

Property Tax Plummet for Borgata is Sucker Punch for Atlantic City

Property Tax Plummet for Borgata is Sucker Punch for Atlantic City

Atlantic City just got hit by another storm recently; this one, financial. (Image source: LarryRivera.com)

Bad Atlantic City.

It gets battered by hurricanes, has its profits siphoned off by ever-increasing competition from surrounding states like Pennsylvania and Maryland, and has seen a seven-year drop that is continuous gaming revenues from its 12 land casinos overall. Finally, it has Web casinos ready to introduce on 26th, and things are looking up from the revenue stream standpoint november.

But then it gets another smack into the real face from the taxation man.

Tax Assessment Reversal for Borgata

Just What ended up to be considered a huge victory for MGM Resorts International and Boyd Gaming wasn’t a great deal for the currently faltering coffers of Atlantic City; the two video gaming behemoths got a 61 % lowering of property taxes on their jointly owned Borgata Hotel and Casino which also happens to be one of the less miserable profit disasters in town and now AC has to return pre-paid taxation monies towards the two companies.

They can blame it regarding the Tax Court of New Jersey, which reassessed the casino that is top-grossing the Garden State at $870 million, a huge drop from its 2010 evaluation of $2.26 billion. Without doubt there had been champagne that is celebratory the MGM and Boyd Gaming conference rooms over that decision. But Atlantic City leaders must be putting their fists through so Continue reading “Property Tax Plummet for Borgata is Sucker Punch for Atlantic City”