I’ve been so caught up in what’s happening in New Jersey that I haven’t been paying much attention to what’s happening outside the Garden State. We all know about the casinos going bankrupt. Revel closed its doors. So did Showboat, one of the Trump properties too.
It’s a bad scene up in New Jersey, though there was probably too much competition to begin with, so it was only a matter of time.
But I digress. This story isn’t about New Jersey. It’s about Caesars, and not just Caesars Palace in Atlantic City. I’m talking about the company as apparently they are on the verge of filing for bankruptcy.
Yup, the same Caesars that owns and operates big properties in Vegas and around the world aren’t doing too well. It apparently has about $24.2 billion in debt. The company just filed a document detailing a financing plan with the U.S. Securities and Exchange Commission. The goal is to scale down that debt as much as possible and avoid bankruptcy.
Before you assume that this is the end of Las Vegas as we know it, don’t worry. Lots of casino properties that have filed for bankruptcy have continued to serve players as normal.
Still, it can be a bit unnerving for customers, especially now that casinos have evolved to be more than just a gambler’s paradise.
Today, many people plan their casino getaways around food and entertainment. Casinos are renowned for the live entertainment, playing host to some of the biggest names in music and comedy. If you had planned a getaway (and paid for it, no less) in advance, hearing that a casino might go bankrupt before you get there could upset you.
People up in Canada are a bit concerned. Caesars operates Caesars Windsor, a high-end property across the border from Detroit. If you’re reading this from the Great White North, don’t be alarmed. You’re actually better off than most Caesars patrons. That’s because Caesars Windsor is owned by the government of Ontario. Caesars only holds the license to operate the casino. But all the casino’s assets, including the building and everything inside, are owned by the government.
Nevertheless, a bankrupt casino company is definitely a story to watch, no matter how little it might actually affect you. We’ll be watching.