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Biggest "Hedge Fund Hotel" Implodes After Judge Ruling Sends Caesars Stock Plummeting By 40%
Some know it as one of the longest running Las Vegas pre-bankruptcy dramas. But what Caesars Entertainment really is, is the biggest hedge fund hotel in "special situation" history: with "investors" such as Paulson, Omega, Canyon, Soros, JMB, Scoggin, Pentwater, Och Ziff and many others, this is quite literally the who is who of biggest and baddest US hedge funds.
But apparently not bad enough.
Moments ago Bloomberg reported that a judge said Caesars Entertainment must face lawsuits that could force the gambling company into bankruptcy alongside its main operating unit, dealing a blow to efforts to restructure billions in debt.
The immediate result: CZR is now halted after falling record a 40% to lowest since Nov. 2012 on >3.2x avg. daily volume.
The real result is that a whole lot of hail mary's at the most prominent hedge funds may have just missed ttheir target. It also means that tonight will be an empty bar at Hustler, Penthouse Club and Sapphires.
And another way of showing what just happened at a great many trading desks:
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Ouch, sucks when everybody is on the same side of trade and there's nobody left to buy. Kind of like the over all market, just one misstep away from vaporizing overnight.
so, no 3:30 ramp?
EDIT - it was just late...
no...FED will just print another $4 Trillion and buy up the market...then print $40 Trillion and repeat..... ALL FRAUD...ALL THE TIME. We left Moral Hazard and are entering Moral Hell! Nothing to stop the sham
Tsk, allowing reality to intrude in Vegas, this'll be interesting........
They halted trading? On actual data? Sound like corruption to me.
3 times according to eric
It's such a tragedy for mankind when psychopathic billionaires have a bad day
No more bets!
Moving the test range farther south are they
Apollo Management -- Makes $500 million, loses $120 million. Degenerate Gamblers, writ large.
Only a few of those were as clean as Bldg 7.
See kids, this is the result of Malicious Selling.
No jet fule was used to melt steel beams during this implosion.
chortle
If ever there was a sign of how wasteful our society has become it's that video. It's disgusting to watch them blow up a building just so they can build a bigger more ostentatious building for people to gamble their lives away. Well, who needs Vegas now that we have that giant casino in the sky?
People can just piss on their carpets at home, add the internet and voila...Vegas.
It's ten O'clock, do you know where your pension fund manager is?
Up vote
Ha ha!
Vegas is such a shithole filled with vile and pathetic people.
Normal people are truly pathetic. We here in Vegas have more fun in a week than you have your entire lame lives. I hope middle class filth loses everything in the deflationary depression, starting soon.
You sound like just the type of asshole that deserves living in that shithole...
You won't be having so much fun when the water runs out.
Dude - some of us prefer water, trees, nature and avoiding subhumans versus staring at neon, D-list entertainment, washed up hookers, insufferable heat and degenerate gamblers.
The f***ing shitty entertainment in Vegas is a joke and they charge a fortune for that cheezy shit. Even tribesman and scumbag Joey Bishop (who sucked donkeys) was better than the crap Vegas has today.
I can think of a million other places to live in the world.
I had to go to Vegas once and tried to get out of it. The casino had these dressed up thugs doing margin calls at the hotel room doors of losers. F***king zombies wandering around at midnight on the strip in 105 deg heat.
Creepiest hell hole ever.
We Here in Vegas have more fun in....
How's that Real Estate thing working out for you. Asking prices are below 2005 and sinking faster than Lake Mead
Says in your Bio that you are from Reno, Freddie
come on, Downtoo Long!,
who cares about pensions smensions, didn't you hear?
Caitlyn actually comtemplated suicide ! ! !
http://blog.sfgate.com/dailydish/2015/07/22/caitlyn-jenner-contemplated-...
reality show begins in 46 hours! where's your popcorn?
LAWL.
22 hours ago:
"Why Harley-Davidson Inc (HOG), Newmont Mining Corp (NEM) and Ceasars Entertainment Corp (CZR) Are 3 of Today’s Best Stocks"
"Ceasar stockholders were rolling lucky 7’s today as CZR stock stormed up 23%"
http://investorplace.com/2015/07/harley-davidson-inchog-newmont-mining-corp-nem-ceasars-entertainment-corp-czr-3-todays-best-stocks/#.Va_xQPlVhBc
Paulson? Is that you? Lol..
Any time that disgusting cesspool of humanity known as Vegas suffers, my eyes well up with tears of joy.
Long Lake Mead?
At the rate they're emptying it, Lake Mead ain't long for this world.
but no Lake Mead data at http://lakemead.water-data.com/ since 9 July.
but, but, the Cielo in Caesars, with the lights & stars, inside...& Gucci handbags & sunglasses....come on, no way the Oligarchs will let this fade....
They all look like World Trade Center building 7.
These were sloppy compared to WTC but had the same concrete and asbestos dust.
The morons running this outfit find themselves bankrupt and billions of dollars in debt because of prior brilliant acquisitions and expansions, so what's their solution? Build a freaking monstrosity of a ferris wheel that hardly anyone rides ($30 a pop; I don't think so), and purchase and renovate a second rate casino (Barbary Coast) and turn it into a "boutique hotel" whose main drawing card seems to be a certain chef Giada. Of course the $300 weekend rates might be a lot more appealing but for the constant presence of homeless people under the stairs in front of the place.
Sheer genius!!! If I was the judge I would tell them to go pound dirt as well.
Who do we have to rescue now?
Dat Pyroclastic Flow, Do'h !
If the future of Caesars is like the Revel in Atlantic City (2nd tallest bldg in NJ), they won't be able to pay the power bill, so the structure becomes a roman candle waiting for a match.
"Straub bought Revel, which cost $2.4 billion to build, out of bankruptcy court on April 7 for $82 million. Two days later, ACR cut off utility service to the building in the absence of a contract to provide future service.
But city officials began fining Straub for not keeping fire detection and suppression systems energized, and the state Department of Community Affairs ordered ACR to keep providing power to the complex to prevent a catastrophic fire or plane crash."
Read more: http://www.nbcphiladelphia.com/news/local/Bank-Revel-Power-Plant-Company...