• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Caesars Entertainment issues going concern warning

Mar 18, 2015 Newsdesk Latest News, Top of the deck, World  


Caesars Entertainment issues going concern warning

Caesars Entertainment Corp (CEC) has issued a “going concern” warning in relation to bondholder lawsuits – some of them linked to the fact of the bankruptcy proceedings of its operating unit.

The casino group said in a Nasdaq filing on Monday: “We have concluded that the material uncertainty related to certain of the litigation proceeding against CEC raises substantial doubt about the company’s ability to continue as a going concern.”

Caesars Entertainment has not previously issued such a warning, despite as of September last year accumulating long-term group debts of nearly US$23 billion.

Caesars Entertainment Operating Co Inc (CEOC) – the part of the business running some of the group’s most profitable venues including flagship properties in Las Vegas – requested reorganisation under Chapter 11 of the U.S. Bankruptcy Code from a court in Chicago on January 15. It was part of a plan to cut group debt by approximately US$10 billion.

Some bondholders had previously filed suits in the U.S. alleging in effect that Caesars Entertainment as a group was trying to cherry pick its relationships with creditors by having split the business into different parts, when the overall debt load of the business was in effect generated by the activities of the whole group.

Caesars Entertainment said in its Monday filing: “The litigation pending against CEOC, and in certain cases against CEC and its other subsidiaries, have been stayed due to the Chapter 11 bankruptcy process, however, certain litigation and the demands against CEC are continuing outside of the Chapter 11 bankruptcy process.”

The company further stated in its filing: “We believe that the litigation claims and demands against CEC are without merit and intend to defend ourselves vigorously. At the present time, we believe it is not probable that a material loss will result from the outcome of these matters.”

The rules requiring managements of U.S.-listed companies to report on risks amounting to a threat to “going concern” were tightened following a number of corporate accounting scandals in the U.S. in the late 1990s and early 2000s.

CEOC early this month revealed plans to exit early from its voluntary bankruptcy.


  • tweet
Related articles
  • Suncity listco loss in 2021, auditor issues disclaimer
    Suncity listco loss in 2021, auditor...

    Mar 30, 2022  

  • GEN HK to file for liquidation after German court ruling
    GEN HK to file for liquidation after...

    Jan 18, 2022  

More news
  • Sega Sammy to launch Genesis Crest 43J cabinet in Asia
    Sega Sammy to launch Genesis Crest 43J...

    Jul 01, 2022  

  • Macau monthly GGR for June worst since Sept 2020
    Macau monthly GGR for June worst since...

    Jul 01, 2022  


Latest News

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Jul 01, 2022  

Casino equipment supplier Sega Sammy Creation Inc said in a Friday release it was debuting its Genesis Crest 43J cabinet in Asia. The product will be available at an in-person trade show, G2E Asia:...
Read More
Macau monthly GGR for June worst since Sept 2020

Macau monthly GGR for June worst since Sept 2020

Jul 01, 2022  

Kangwon 2021 average bet 61pct above foreigner casinos

Kangwon 2021 average bet 61pct above foreigner casinos

Jul 01, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


638

Aggregate number of Covid-19 cases in the latest Macau outbreak, as of Thursday-end



Most Popular

  • Macau tells casinos cut on-duty staff by 90pct: reportsMacau tells casinos cut on-duty staff by 90pct: reports July 1, 2022
  • 5-casino Thai market ok says National Assembly committee5-casino Thai market ok says National Assembly committee June 30, 2022
  • GKL says no biz lift soon from S.Korea-Japan travel easingGKL says no biz lift soon from S.Korea-Japan travel easing July 1, 2022
  • Macau monthly GGR for June worst since Sept 2020Macau monthly GGR for June worst since Sept 2020 July 1, 2022
  • Universal hopes Okada Manila biz listed before Sept 30Universal hopes Okada Manila biz listed before Sept 30 June 30, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us