Caesars Entertainment
also referred to as: caesars
includes Caesars Entertainment Operating Company, Caesars OpCo
16 statements across 1 episodes · 4 bullish · 1 bearish · 2 people on the record · first statement Aug 16, 2021 by Max Frumes · said 66 times in 4 episodes since 2021 · across every show →
Mentions by year, the whole family
brought up most by Sujit Indap (28), Ted Seides (19), Max Frumes (13), Josh Friedman (1), Jeff Hausenbold (1)
tap a year for its mentions
2022 2 mentions in 2 episodes 1 per episode
Everything said about Caesars Entertainment, oldest first
Aug 16, 2021 positive
Aug 16, 2021
Caesars second-lien holders filed involuntary bankruptcy ahead of Apollo
“And at this point, because the second liens have been shunted from the negotiations, they have a plan to file an involuntary bankruptcy, which is very rare. They pushed that two days prior to the bankruptcy that Caesars is filing.”
Aug 16, 2021
Caesars eliminated its parent guarantee by selling OpCo equity
“The guarantee can go away according to the indentures through three different conditions. One of those conditions is if the OPCO is no longer a wholly owned subsidiary. So if they sell five percent or some portion of the OPCO stock to third parties, the guaran…”
Aug 16, 2021
Elliott secured Caesars bankruptcy date agreement to trigger CDS payout
“And he had been running very tough negotiation with Apollo and struck a very, very tough deal because he knew that Apollo needed an ally really badly. And so he got all sorts of goodies, including a convertible preferred security, as well as one of these well-…”
Aug 16, 2021
Caesars' B-7 loan eliminated its maintenance covenant and parent guarantee
“And they offered them very, very generous fees, among other things, to participate in this transaction that accomplishes three things. One, it's gonna give them some liquidity to refinance out some of their other debt. Two, it's going to remove the most onerou…”
Aug 16, 2021 positive
Caesars creditors achieved above-par recoveries across debt tranches in restructuring
“You're talking about there was a 66 cent settlement for the second liens, but that came with equity options that ultimately took that above par. For the first liens, they were paid out at par plus these convertible preferred that brought that well above par. T…”
Aug 16, 2021 negative
Examiner found $5B in potential claims against Caesars and PE executives
“Richard Davis, a former Watergate prosecutor, chosen as an examiner at the beginning of the case and gets deep access and interviews, you know, 75 different people who are designing and behind these transactions. Goes through millions of documents with a team …”
Aug 16, 2021
Caesars restructuring centered on fraudulent conveyance accusations over property transfers
“The mass tort in the case of Caesars is the accusation of fraudulent conveyance in these transactions where many of the top properties of the Caesars opco ended up in these affiliated entities where Apollo owned them, and they were out of the hands of Creditor…”
Aug 16, 2021 neutral
Apollo and TPG transferred Caesars casinos to bankruptcy-remote entities
“Apollo and TPG executed a series of these complex asset deals, asset transfers, financial engineering, where more money is put in the business. They buy casinos from the existing Caesars and Harris Opgo, all in an attempt, ostensibly, to Keep everybody's inves…”
Aug 16, 2021 neutral
Aug 16, 2021 positive
Caesars sold interactive gaming unit for $4B to fund bankruptcy settlement
“The interactive gaming business that is just kind of chugging along wasn't even allowed to pursue online gambling and just wound up being sort of a not for gambling poker game on your cell phone with the world series of poker brand winds up becoming a four bil…”
Aug 16, 2021 positive
Apollo raised record PE fund following Caesars bankruptcy loss
“And while it was a Huge loss for Apollo and TPG. Their reputations of being able to fight for their LPs allowed them to immediately after the conclusion of the bankruptcy and the confirmation in 2017, two years later, they raised the largest private equity fun…”
Aug 16, 2021 neutral
Caesars restructuring became a PE roadmap rather than a cautionary tale
“Caesars ended up being less of a cautionary tale and more of a roadmap, and the reason for that, I think, is very simple. People realized that after this deal, Apollo raises a twenty-five billion dollar fund, and the LP community didn't really penalize them, a…”
Aug 16, 2021
GSO and BlackRock received roughly $220 million for Caesars B-7 loan
“First they had to get a couple of commitments from GSO and from BlackRock, which I think they committed to about half of this 1.7 billion dollar renew financing to be the seventh tranche of this term loan. And they got something like two hundred twenty million…”
Aug 16, 2021
Aug 16, 2021 neutral
Caesars OpCo raised $18 billion in loans and high-yield bonds
“There is two basic components of the capital structure. So if there's twenty four billion dollars of debt, there's one vehicle which we'll call the Caesars or Harrah's Opco, where most of the casinos are, and that would raise eighteen billion dollars of tradit…”