Creditors claim Caesars Atlantic City might be tossed into bankruptcy if Caesars can transfer their loyalty system.
Caesars Entertainment was spending much of the year that is last a variety of techniques designed to reorganize debt and split the parts associated with company that are working from those that are taking a loss.
The company has found ways to keep its high performing or promising assets away from the massive debts plaguing the parent company though entities like Caesars Growth Partners.
That is evidently exactly what Caesars planned regarding their rewards program, known as Caesars Enterprise Services.
Nevertheless now, hedge fund mogul David Tepper is among a group of bondholders that are searching to stop that transfer in an attempt to keep the valuable program as part of the main company.
Currently, four of the 12 casinos that were in operation at the start of 2014 have either shut down or want to do so before the end of the summer time.
Regulators Consider Transfer
The battle comes after the private-equity firms that own Caesars starting requesting approval from state gaming commissions to transfer the rewards entity. On Thursday, it was anticipated that the brand new Jersey Casino Control Commission would just take a vote on the move, but that was delayed until next month. Hawaii’s Division of Gaming Enforcement said which they are investigating the request, and have not yet determined whether or no Continue reading “Caesars Loyalty Program Transfer Can Cause A battle”