Friday, January 16, 2015

Caesars Palace Goes For Broke

Caesars Palace's operating company has filed for Bankruptcy, reports CNBC. The company filed for Chapter 11, and plans to cut $10 billion of debt, reducing their debt from $18.4 billion to $8.6 billion. Most of the debt is a result of a leveraged buyout of Harrah's in 2008. The company does not anticipate needing to close any of its casinos under the restructuring; there are 44 in total. There are some celebrity names that popped up in the filing. TMZ reports that Caesars owes Nobu almost $460K; one of the restaurant's owners is Robert De Niro. Gordon Ramsey's restaurant is also owed $307K. Mariah Carey just signed on to a residency deal with Caesars. Britney Spears makes $475K/show, and Carey's deal is definitely worth more, although the final amount has not been disclosed.
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11 comments:

  1. ladybausJanuary 16, 2015 at 9:24 AM

    Mariah deserves waaaaay more than Britney

    ReplyDelete
  2. AnonymousJanuary 16, 2015 at 9:26 AM

    I don't think I'd want to pay to watch Britney lip sync and dance half a beat behind the professionals she hires to distract from the fact SHE'S NOT SINGING.

    ReplyDelete
    Replies
    1. auntliddyJanuary 16, 2015 at 9:58 AM

      Snarky- of course thats exactly what mariah will be doing- when she's awake and sober!

      Delete
    2. Rose LizenbergJanuary 16, 2015 at 10:53 AM

      Actually, Mariah doesn't even bother dancing. She just walks back and forth across the stage while gesturing wildly with her free hand that isn't holding the mic.

      Delete
    3. califblondyJanuary 16, 2015 at 11:39 AM

      Mariah can't dance, never could.

      Delete
  3. Kat has left the buildingJanuary 16, 2015 at 9:43 AM

    That's less than the Giudices!

    ReplyDelete
  4. SugarTitzJanuary 16, 2015 at 10:17 AM

    This is just big money reshuffling
    they are owned by tpc. Capital which is a hedge funds worth 30 billion.
    They're just restructuring debt because they ran all but their strip casinos into the ground

    ReplyDelete
  5. Trombones and DaffodilsJanuary 16, 2015 at 10:58 AM

    Yes!

    ReplyDelete
  6. SeachicaJanuary 16, 2015 at 11:45 AM

    Just for fun...
    Capacity of Caesar's Palace showroom: 4,296
    Average ticket price (Britney show): $160
    Total gate receipts per show: $687,360 maximum.
    Average drink purchase per person: $30 (may be generous)
    Drink receipts per show: $128,880
    Total revenue per show: $816,240
    If you assume a no-show rate, I would expect Mariah Carey to get no more than $650,000, to allow for a sizeable profit margin and non-Mariah costs (band, backup singers, etc.)

    ReplyDelete
    Replies
    1. SugarTitzJanuary 16, 2015 at 12:10 PM

      Sea.. Bertney plays at planet Hollywood a much smaller venue.
      Mimi is playing at Caesars palace

      Delete
  7. PatrickJanuary 16, 2015 at 2:44 PM

    Britney also makes about 700K a show now. Its been a year, thats how much she made when it first started and they didnt know it would be such a hit.

    ReplyDelete

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