Creditors claim Caesars Atlantic City might be tossed into bankruptcy if Caesars can transfer their loyalty system.
Caesars Entertainment was investing much of the year that is last a variety of moves designed to reorganize debt and split the parts for the company that are working from those that are losing profits.
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 apparently exactly what Caesars planned regarding their rewards program, called Caesars Enterprise Services.
However 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 company that is main.
Currently, four regarding the 12 casinos that had been in procedure from the beginning of 2014 have either turn off or want to do so before the end for the summer time.
Regulators Consider Transfer
The battle comes after the private-equity companies that own Caesars starting asking for approval from state video gaming commissions to transfer the benefits entity. On Thursday, it was anticipated that the New Jersey Casino Control Commission would simply take a vote on the road, but that was delayed until next month. The state’s Division of Gaming Enforcement said which they are investigating the request, and haven’t yet determinRead More