The plan formalized a proposal negotiated with senior creditors prior to the casino operator’s Januar y bankruptcy filing. It must be approved by U.S. Bankruptcy Judge Benjamin Goldgar in Chicago an d creditors, a process that can easily take a year or more. Caesars, which has a gaming industry-high $22.8 billion in long-ter m debt, has been attempting to restructure its leverage for several years.
In Macau’s ninth consecutive month of declining gaming revenue, the casino take fell from 38.01 billion Macau patacas (MOP; $4.75 billion) last February to MOP19.5 billion, a decrease in excess of $2.3 billion. PGRI Note: This article does not explain what is driving this incredible decline. Insofar as it has something to do with clamping down on money-laundering, the result of such enforcement of the law would seem to have quite dramatic implications for the casino gambling industry.