Tuesday, May 26, 2015

Thistledown Racino and Horseshoe Casino to Seek Bankruptcy Protection

Can a corporation in bankruptcy continue to operate as normal?

Citing poor regional performance, Caesars Entertainment Operating Company has filed for bankruptcy seeking to climb out of $18.4 million in debt.  Caesars owns 50 casinos worldwide, including a 20% stake in two Ohio Casinos, Horseshoe Casino in Cincinnati and Thistledown Racino in Cleveland.  

The bankruptcy will likely have little to no effect on casino operations.  The company’s CEO, Gary Loveman, assured employees and gamblers that they will continue to host events and meetings.  Guests are welcome at the hotel and all gaming will remain in place.  The director of gaming, lodging and leisure at Fitch Ratings commented on the bankruptcy stating that  “Casinos in the past have operated through bankruptcy with little disruption to loyalty programs or services.  They own a small piece so it’s really not a major factor for those casinos.”

Most bankruptcies do not involve the dissolution of a business.  They protect debtors by reorganizing their debt or discharging it as necessary.  News of the bankruptcy resulted in a 4% drop in stock price of Caesars entertainment (NASDAQ: CZR).  

If you or your business are in need of protection from creditors, bankruptcy may be the best option for you.  You deserve attorneys who have experience and dedication to their clients like the ones at Cox, Keller & Lusardi.  Call us today to schedule an appointment at (937) 372-6921.  We provide a free, no obligation consultation to discuss your legal needs.

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