"Standard & Poor's, a leading credit rating agency, downgraded Caesars credit rating by two steps to CCC-. They stated that Caesars’ capital structure is unsustainable, and that the company is burning cash to fund capital expenditures and interest payments. They expect the company will need additional liquidity in 2015 to cover interest, capital expenditures, and debt maturities. They think that restructuring of Caesars is increasingly likely over the near term.”
The COSMOPOLITAN is up for sale. It's a luxury resort, casino, and hotel on the Las Vegas Strip, just south of the Bellagio on the west side of Las Vegas Boulevard. It consists of two high rise towers. The resort opened on December 15, 2010 and has lost nearly $300 million since opening! The $3.9 billion project features 2,995 hotel rooms, a 75,000 sq. ft. casino, 300,000 sq. ft. of retail and restaurant space, a 40,000 sq. ft. spa and fitness facility, an 1,800 seat theater, and 150,000 sq. ft. of meeting/convention space.
Presently owned by Deutsche Bank, the sale price is expected to be in the $2 billion range. One of the bidders is expected to be Crown Resorts of Australia owned by James Packer, son of the late media mogul and Las Vegas whale, Kerry Packer.
The COSMOPOLITAN is up for sale. It's a luxury resort, casino, and hotel on the Las Vegas Strip, just south of the Bellagio on the west side of Las Vegas Boulevard. It consists of two high rise towers. The resort opened on December 15, 2010 and has lost nearly $300 million since opening! The $3.9 billion project features 2,995 hotel rooms, a 75,000 sq. ft. casino, 300,000 sq. ft. of retail and restaurant space, a 40,000 sq. ft. spa and fitness facility, an 1,800 seat theater, and 150,000 sq. ft. of meeting/convention space.
Presently owned by Deutsche Bank, the sale price is expected to be in the $2 billion range. One of the bidders is expected to be Crown Resorts of Australia owned by James Packer, son of the late media mogul and Las Vegas whale, Kerry Packer.
