New Possibilities For Caesars Entertainment
American gaming corporation Caesars Entertainment is finally out of bankruptcy protection, after three years of reorganisation which followed the lawsuit filed by creditors against one of the most famous gaming brands in the US.
Last week, Caesars announced a new structure of the company, along with a new board, and far less debt on its shoulders. It seems the tumultuous past is finally behind the Las Vegas-headquartered firm.
Turning Over a New Leaf
The company has a new ownership structure – around 60% of the equity is in the hands of creditors, while the debt is down to $9.6 billion. This sum may seem significant, and it indeed is, but compared to the previous debt $25.6 billion, shows a specific progress has been made.
At this moment, Caesars Entertainment operates a total of 47 casinos in 13 US states and five other countries around the world, including the United Kingdom where the company operates eight venues.
Mark Frissora has remained the Chief Executive Officer, the position he has held since 2015. The new board has been appointed, along with a new chairman, a former employee of The Walt Disney Company, James Hunt.
Frissora emphasised the improvements made in Nevada and other Caesars’ facilities, stating the company had invested the significant fund in their upgrade and renovation.
Caesars’ CEO said the future plans included the execution of hundreds of initiatives to generate incremental revenue as well as to enhance operational efficiency, guest experiences and employee engagement.
More is Needed
The latest quarter results show a year-on-year revenue increase of 1% to just over $1 billion, while the company’s EBITDA also went up by more than 2% to $311 million.
Caesars also revealed the plans to expand its gaming operations, with several new deals in prospect. The list of deals include partnerships with tournaments in Atlantic City and Las Vegas, as well as a new agreement with China’s Tencent, aimed at promoting the World Series of Poker (WSOP) in Asia.
For the time being, Caesars operates only in the western hemisphere. If the company wants to be more competitive, it’s necessary to enter one or more Asian markets, such as Macau, Singapore or Japan.