Caesars entertainment, case study of how not to run a casino

[Runnin' Rebel]

Caesars is buried with nearly $20 billion in debt, highest in the gaming industry. This was 7 months ago and it's getting worse.

Who said casinos never lose money. Time to sell off some properties or cut the 18 million bonus the big boss gets.

Casino operator Caesars Entertainment has been fined $225k by New Jersey gaming regulators for allowing a high-roller to sexually accost staff and take illegal drugs while gambling at Caesars’ casinos in Nevada. Though the incidents occurred well beyond New Jersey’s borders, the New Jersey Division of Gaming Enforcement (DGE) has previously put its foot down over MGM Resorts’ doings in Macau, so this is no great jurisdictional leap. On Monday, the DGE announced that Caesars’ “failure to exercise discretion and sound judgment” could tarnish the reputation of the entire casino industry.

The gambler in question was Terrance Watanabe, a Nebraska businessman who ran up a $127m tab during an epic spree at Caesars Palace and the Rio Casino in Las Vegas in 2007. After paying up all but the last $14.7m, Watanabe sued Caesars/Harrah’s, claiming the casino had plied him with prescription painkillers, alcohol and hookers. Caesars denied it had supplied pills to anyone and the two parties eventually settled out of court in July 2010. Didn't dispute the women or alcohol though.