What happened to Caesars?
When Caesar’s Entertainment Corp. bought the Nevada resort chain in 2001, the company was known as a destination for tourists and movie stars.
But as the company struggled to find revenue, it also struggled to stay afloat.
It took several years for the company to make good on its debt, but in the process, Caesers stock plummeted from $14 a share in 2006 to under $1 in 2016.
At the time, Caedars was in the midst of a massive bankruptcy, and its stock price was down more than 50%.
Now, as Caeser tries to recoup some of the losses it suffered, the entertainment giant is trying to revive its image and cash flow, and some of its board members are worried about what happens next.
Caesars is still struggling to recover from the financial problems it suffered in the early 2000s, and the company is still grappling with the fallout of a 2008 bankruptcy filing.
As of last week, the stock was down about 20% in premarket trading.
Some of the company’s board members believe that if Caesas stock price falls too much, the business might fail.
The Caesaress Entertainment Corp., the company that bought Caesaris in 2002, said in a statement that the bankruptcy filing is a matter for the bankruptcy trustee and that the board will evaluate all of the facts before making a decision.
“This is an extraordinary circumstance that has impacted Caesarian’s core business and our future, including in a way that is not yet known,” the statement said.
“We look forward to working with the bankruptcy trustees to determine a resolution that provides Caesari a sustainable path forward and is aligned with our core business.”
A Caesaria spokesman told Al Jazeera that the company “is in the middle of an extensive process” to determine the next steps for the struggling business, and that a decision has not been made.
The spokesman did not immediately respond to a request for comment on the comments made by Caesarist chairman and CEO Robert A. Caesart in a recent interview with the Associated Press.
He also said in the interview that Caesarios plans to stay in Las Vegas, as he believes that the market is there for the entertainment brand.