Moody's warns Caesars' debt burden may 'weaken competitive position'
By Howard Stutz
LAS VEGAS REVIEW-JOURNAL
Investors in Caesars Entertainment were warned Wednesday the casino operator is not out of the woods financially despite companywide cost-cutting measures.
In an analysis report on the Las Vegas-based casino operator, Moody's Investor's Service said Caesars, which operates 10 Strip-area casinos, including Caesars Palace, Rio, Harrah's and Bally's, doesn't have any significant long-term debt coming due until 2015.
However, the company's debt of more than $23 billion "is eating its cash and may weaken its competitive position."
Caesars, which had been known as Harrah's Entertainment, became privately held in a 2008 private equity buyout valued at $29 billion. The company does have publicly held debt and attempted to list some shares publicly last year before abandoning the plan.
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