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Stock Market & Financial Investment News

News Breaks
August 8, 2014
06:13 EDTCZRCaesar's files complaint against investors for thwarting restructuring efforts
Caesars and its subsidiary, Caesars Entertainment Operating Company, filed suit in the Supreme Court of New York, New York County against certain institutional investors who they believe have sought to injure them by attempting to thwart CEOC's restructuring efforts through actions apparently designed to push CEOC into default. The complaint states that Caesars and CEOC believe some creditors are motivated to act against the best interest of the enterprise and other creditors to inflate the value of credit default swap positions or improve other unique securities positions. The complaint names certain institutional investors who hold second-lien notes issued by CEOC, along with Elliott Management Corporation, which holds first-lien notes. Caesars and CEOC believe Elliott holds a significant CDS position. The complaint alleges that second-lien holders served CEOC with a baseless notice of default. The complaint seeks declaratory and injunctive relief to prevent further damage to Caesars and CEOC. The complaint also seeks damages from the defendants.
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September 12, 2014
14:07 EDTCZRNew Jersey reports August Atlantic City gaming win up 2.3% to $305M
New Jersey reports total Gaming Win from Atlantic City casino hotels and Internet gaming operations was $305M in August, compared to $298.1M in the same month of 2013 including discontinued operators Atlantic Club and Showboat, reflecting a 2.3% increase. Total Gaming Win from the current operators of casino hotels open for the entire month of August and Internet gaming operations was $289.9M in August. Internet gaming win was $10.5M in August, consisting of $2.2M in peer-to-peer win and $8.3M in other authorized games. As of August 31, 431,617 Internet gaming accounts have been created, up 6.5% from the 405,390 accounts as of July 31. Publicly traded companies in the space include Boyd Gaming (BYD), Caesar's (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
September 8, 2014
15:59 EDTCZRCaesar's engages in talks with bondholders Pimco, Elliott, Bloomberg says
Caesars Entertainment will commence talks with at least five senior bondholders to restructure the $26.7B debt of its largest unit, Bloomberg reports, citing two people with knowledge of the discussions. The senior bondholders, including Pimco, Elliott management, BlackRock, Bridge Capital, and Beach Point, have agreed to enter confidentiality agreements with Caesar to begin formal talks, the sources added. Reference Link
15:00 EDTCZRCaesar's engages in talks with bondholders Pimco, Elliott, Bloomberg says
September 5, 2014
11:25 EDTCZRCaesar's in talks on potential sale of Showboat, AP reports
Latitude 360 CEO Brent Brown said he has been in talks with Caesars Entertainment to potentially purchase the former Showboat casino in Atlantic City after Atlantic Properties also publicly expressed interest, reported Associated Press. Reference Link
September 3, 2014
15:27 EDTCZRA group of Caesar's junior bondholders sue company, Bloomberg says
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