Caesars [formerly Harrah's] was salivating to invade MASSACHUSETTS....Gary Loveman's HOMELAND!
...UNTIL the dedicate NO EASTIE CASINO VOTERS who worked hard to protect their community REJECTED HIM!
While Gary Loveman's AMORAL DARK GENIUS revolutionizing Harrah's and the Predatory Gambling Industry is noteworthy...this was KNOWN and PREDICTABLE.
Gary Loveman [as Harrah's] determined that 90% of their profits originated from 10% of their PATRONS!
That's GAMBLING ADDICTION!
Harrah's, under Gary Loveman's leadership targeted, marketed, pursued, comped and schmoozed those POOR PEOPLE who could least afford to GAMBLE.
The Predatory Gambling Industry exhausts the supply of LOCAL GAMBLING ADDICTS.
The BUSINESS MODEL mandates CONSTANT EXPANSION, leaving devastation in its wake!
- Caesars was acquired in an LBO for $6 billion in cash and $22 billion in debt at the height of the financial crisis.
- Current Long-term debt of $24 billion is 16x LTM EBITDA of $1.6 billion.
- At 8x - 10x LTM EBITDA, Caesars is worth $12 - $15 billion, much less than its $24 billion debt load.
- Caesars' stock is worthless.
Given over $20 billion in long-term debt and flat to declining EBITDA, Caesars Entertainment Corporation (NASDAQ:CZR) was in deep trouble heading into its Q2 earnings. The company owns, operates and manages over 50 casinos in over 13 states and five countries. Its 39 casinos in the U.S. are primarily land-based, riverboat and dockside casinos.