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Stock Market & Financial Investment News

News Breaks
June 30, 2014
13:17 EDTCACQ, CZRCaesars submits application to develop Caesars New York
Caesars Acquisition (CACQ) and Caesars Entertainment (CZR) announced the proposed development of Caesars New York, an $880M luxury casino resort in Woodbury, New York. Caesars Acquisition, through its subsidiary, Caesars Growth Partners, submitted its application to the New York State Gaming Facility Location Board for a gaming license, which will be managed and operated by Caesars Entertainment and its affiliates. The application details plans for the resort and presents information about Caesars' operations and history. The resort is projected to attract more than 10 million visitors a year. Caesars New York will work closely with other businesses in the State to maximize the economic development opportunity in the region. Based on current estimates, Caesars projects an estimated total of $230M in anticipated annual tax revenues with $29M annually going to the local community and $10M to Orange County. The project is anticipated to create approximately 4,500 direct jobs including 1,500 construction jobs and approximately 3,000 permanent, well-paying, mostly union jobs. Caesars has entered into a neutrality agreement with the New York Hotel Trades Council and a project labor agreement with the Hudson Valley Building Trades Council with regard to the operation and construction of the proposed resort. In its application, Caesars has outlined a plan to open the resort approximately 24 months after receiving necessary permits and approvals.
News For CACQ;CZR From The Last 14 Days
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March 24, 2015
08:35 EDTCZRSpecial examiner may force bankruptcy for Caesars Growth Partners, NY Post says
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March 23, 2015
15:18 EDTCZRCaesar's volatility at seven month lows
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March 20, 2015
06:47 EDTCZRCreditors dispute 'inside deals' surrounding Caesars loyalty program, WSJ says
Caesars Entertainment's (CZR) customer loyalty program has been valued at $1B by creditors, who alleged in lawsuits surrounding its January bankruptcy that the Caesars parent company and majority stake holder Apollo (APO) made several improper deals designed to keep the loyalty unit inaccessible to creditors, reports the Wall Street Journal. Fitch Ratings analyst Alex Bumazhny now calls a swift bankruptcy process "increasingly unlikely," while the presiding judge gave additional scope last week to investigate the disputed deals. Reference Link
March 18, 2015
07:15 EDTCZRCaesar's says disputes raise 'substantial doubt' about 'going concern' status
Caesar's stated in a regulatory filing after the close Monday that the company is subject to currently pending or threatened litigation and demands for payment by certain creditors asserting CEC is obligated under the former parent guarantee of certain CEOC defaulted debt. 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. "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," Caesar's stated. The noteholder disputes are in their very preliminary stages and discovery has begun on the unsecured note lawsuits, the company noted. "Should these matters ultimately be resolved through litigation outside of the CEOC Financial Restructuring, and were a court to find in favor of the claimants in any of these Noteholder Disputes, such determination could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Accordingly, 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," Caesar's added.
March 16, 2015
06:07 EDTCZRStocks with implied volatility above IV index mean; BBRY CZR
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