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After months of negotiations and even longer of speculation, Caesars Entertainment has finally filed for Chapter 11 bankruptcy. Paperwork placing its operating unit, Caesars Entertainment Operating Co., into bankruptcy was filed in Chicago.
The casino giant is billions upon billions in debt, but while some creditors are on board with the bankruptcy, others are fighting against it. Bloomberg reports that "lower-ranking creditors.. say the restructuring accord Caesars worked out with a select noteholder group unfairly protects the company's interest at their expense." Caesars listed about $20 billion in liabilities and is looking to halve that.
Vegas News / XS Nightclub / Wynn Las Vegas / Rio Las Vegas / Rockhouse / Venetian / Fremont Street Experience / NASCAR / Pawn Stars / Vegas Tech / Apps / → All Tags
There's a lot of sh*t that happens in Vegas and not all of it can make it on our site. Starting today and continuing each Friday, we'll take note of some of the smaller announcements around town that may be of interest, too. Here's the rundown for the week of January 5:
All of the Lights: XS Nightclub at Wynn has stepped up the oohh, dropping $10 mil on new, state-of-the-art technology, from a new pyro system and lasers to movable LED screens.
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If 2014 was the year of the new hotel, 2015 will be the year of the restaurant in Las Vegas. A billion (rough estimate) new dining destinations will fire up around Las Vegas this year and, for the most part, that's about it. Yes, we'll also see the arrival of Hakkasan North, erm.. Omnia.. and the Delano Beach Club, but otherwise, you're going to have some eating to do. And, by some, I mean you need to buy extra stretchy pants now.
So yeah, dining. You won't be able to walk in any direction without running into a new eatery this year. Aria will welcome Michael Mina's BARDOT Brasserie (January 16). Casino Royale will be all about that White Castle (expected later this month). Bellagio will bring the Lago (March). Caesars Palace will launch Searsucker and MR CHOW (both this spring). Gordon Ramsay will bring his Fish & Chips to The LINQ (spring). Morimoto will finally fire it up at The Mirage (summer). Rivea will replace miX at Delano (September?).
Vegas News / Gaming / SLS Las Vegas / The Cosmopolitan / Westgate Las Vegas / Caesars Entertainment / → All Tags
Believe it or not 2014 was a big year for casinos in Las Vegas. The big year wasn’t caused by the pomp and circumstance of a big casino opening. There was one casino opening but the makeover of Sahara to SLS Las Vegas was much more subdued than when a building is built and people can walk into it for the first time ever.
It feels like just yesterday SLS Las Vegas opened its doors. Our first impressions were positive and they remain that way despite the chaos that's followed. Shortly after opening in August, SLS cut back the hours of its buffet and Foxtail nightclub. Then, staff cutbacks took place, the buffet closed completely, and President and Cheif Operating Officer, Rob Oseland, abruptly left and was replaced with Scott Kreeger.
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There’s been a slow shift in gaming over the past 20 years. And, much of it really started to stand out this year. Both casino floors and gaming companies have consolidated to, theoretically, create greater efficiencies. Aristocrat Technologies purchased Video Gaming Technology, Scientific Games merged with Bally Technologies, IGT was purchased by G-Tech and Multimedia Games was snapped up by Global Cash. You may be familiar with some of these names and not others. Mergers and acquisitions like this often create a more homogenized product for the customer by creating less competition. For the time being, these businesses are just streamlining activities.
After these manufacturers debuted their newest games at G2E this year, it doesn’t seem as though the industry can get any less creative than it already is. Let’s just take another TV show, musician or movie from 20-30 years ago and slap their name on a machine. Hopefully, this lack of creativity is just temporary.
The city known for topless show billboards and “stripper trading cards” on the Strip is now trying to flex its moral muscle. A new Heidi Klum ad campaign for Sharper Image of all things was turned down by McCarran Airport for being too revealing. Underboob is evidently past the threshold for tastefulness. (Though, you can still catch a whole heap of sideboob on Interstate 15 north just after the 215 junction, thanks to the GhostBar DayClub billboard!)
This may be one of the slowest weeks of the year for Vegas, but gaming news was fast and furious. Here's a recap of the biggest headlines:
○The sale of The Cosmopolitan may become official as soon as today. The Nevada Gaming Commission blessed the deal yesterday. Blackstone Group is purchasing the center Strip property from Deutsche for $1.73 billion. (Vegas Inc.)
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According to the Las Vegas Review Journal, this is how the increase will affect the bottom line:
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What was rumored over the weekend is now official.
Hakkasan Group will be able to use the tagline, "now with more oontz," come January when its purchase of Light Group for $36 mil is expected to be finalized. The buyout will mean the assimilation of Light nightclub at Mandalay Bay, 1OAK at The Mirage and The Bank at Bellagio, as well as the lounges and most of the restaurants under the Light Group domain.
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While lots of names have been (jokingly) bandied about, could the NHL team possibly|probably (possably?) headed to Vegas be dubbed the Black Knights?
Canada's Sports Net recently interviewed Bill Foley, the face of Vegas' potential ownership group, and discovered he loves the name due to its -- and his -- association with West Point. Foley admits, however, that there would be a naming contest if things reach that point. That's a relief because I can't be the only one who immediately thought of Martin Lawrence, right?
Vegas News / The Strip / Eating / Dining / Restaurants / → All Tags
Along Las Vegas Boulevard, the land stretching from the Harley-Davidson Cafe to Smith & Wollensky is owned by the same company, which took control of the bankrupt property about four years ago. A hodgepodge eyesore across from the metropolitan skyscrapers of CityCenter, cheapo vendors that hawk 16 oz. Tall Boys for 99 cents and four tees for ten bucks are slowly being replaced by more
corporate gentrified tenants like Chili's and Fatburger.