The casino operator known as Caesars entertainment lost over about three quarters of a billion dollars. This occured during the third quarter because of reconstructing costs; causing it's main unit went bankrupt. This effected the company dramatically, as it would any. Losing tht amount of money would put a toll on anyone, the only solution is to pick yourself back up.
The Numbers
In the three months leading up to September 30th, they reported losing somewhere around 756 million dollars. Which is an extremely large sum of money to lose. Especially when they only profited a 15 million, during the second quarter. Earnings rose to 46 percent to 311 million, and their earnings happened tp be up 12.4 percent to 1.14 billion. However their tedious efforts to reinvent themselves was no good.
The After Math
The main unit had to fall bankrupt because of their huge loss of money. They stopped all contributions to the main unit. They were also still stuck making payments of about 966 million in order for restructuring throughout the third quarter. They have basically been giving money to first-lien creditors to keep them happy, but are dismissing second-lien creditors. Which is almost 1 billion just in bribes to these first-lien creditors.
What They're Doing Now
They are finding new marketing efficiences by going around multiple direct mail programs. They are now focusing more on technology, such as email and digital channels. This decreases the amount of stress on the company health plan and allows them to make a more persnalized approach.
They are relentlessly trying to improve operations. Losing almost a billion dollars would hit any company hard, so they're trying their best in order to pick up the pieces. They are primarily focusing on labor productivity, so the staff may be more proficient on your next trip to Vegas. They are also trying to improve their old hotel room in an effort to attrack more people, and in turn make more money. Losing that much money is unbelievable for most Americans, and Caesar's is just trying to fix everything, and make up for all that they have lost.
