This page has been archived and commenting is disabled.

Biggest "Hedge Fund Hotel" Implodes After Judge Ruling Sends Caesars Stock Plummeting By 40%

Tyler Durden's picture




 

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:

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 07/22/2015 - 15:23 | 6342366 Dr. Engali
Dr. Engali's picture

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.

Wed, 07/22/2015 - 16:14 | 6342475 Tom Servo
Tom Servo's picture

so, no 3:30 ramp?

 

EDIT - it was  just late... 

 

Wed, 07/22/2015 - 16:30 | 6342639 venturen
venturen's picture

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

Wed, 07/22/2015 - 15:22 | 6342367 KnuckleDragger-X
KnuckleDragger-X's picture

Tsk, allowing reality to intrude in Vegas, this'll be interesting........

Wed, 07/22/2015 - 15:24 | 6342377 XitSam
XitSam's picture

They halted trading? On actual data?  Sound like corruption to me.

Wed, 07/22/2015 - 15:27 | 6342387 vq1
vq1's picture

3 times according to eric

Wed, 07/22/2015 - 15:25 | 6342378 JustObserving
JustObserving's picture

It's such a tragedy for mankind when psychopathic billionaires have a bad day

Wed, 07/22/2015 - 15:25 | 6342379 WTFUD
WTFUD's picture

No more bets!

Wed, 07/22/2015 - 15:26 | 6342384 stant
stant's picture

Moving the test range farther south are they

Wed, 07/22/2015 - 15:29 | 6342398 Dr. Venkman
Dr. Venkman's picture

Apollo Management -- Makes $500 million, loses $120 million. Degenerate Gamblers, writ large.

Wed, 07/22/2015 - 15:29 | 6342403 Bastiat
Bastiat's picture

Only a few of those were as clean as Bldg 7.

Wed, 07/22/2015 - 15:31 | 6342415 RacerX
RacerX's picture

See kids, this is the result of Malicious Selling.

Wed, 07/22/2015 - 15:31 | 6342417 One And Only
One And Only's picture

No jet fule was used to melt steel beams during this implosion.

Wed, 07/22/2015 - 15:31 | 6342418 medium giraffe
medium giraffe's picture

chortle

Wed, 07/22/2015 - 15:34 | 6342430 Dr. Engali
Dr. Engali's picture

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?

Wed, 07/22/2015 - 15:53 | 6342488 oddjob
oddjob's picture

People can just piss on their carpets at home, add the internet and voila...Vegas.

Wed, 07/22/2015 - 15:35 | 6342434 Downtoolong
Downtoolong's picture

#16 California State Teachers

It's ten O'clock, do you know where your pension fund manager is?

Wed, 07/22/2015 - 15:40 | 6342449 monad
monad's picture

Up vote

Wed, 07/22/2015 - 15:43 | 6342456 Freddie
Freddie's picture

Ha ha!

Vegas is such a shithole filled with vile and pathetic people. 

Wed, 07/22/2015 - 15:51 | 6342482 markpower49
markpower49's picture

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.

Wed, 07/22/2015 - 16:00 | 6342518 sdmjake
sdmjake's picture

You sound like just the type of asshole that deserves living in that shithole...

Wed, 07/22/2015 - 16:47 | 6342710 JohninMK
JohninMK's picture

You won't be having so much fun when the water runs out.

Wed, 07/22/2015 - 17:07 | 6342770 Freddie
Freddie's picture

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.

Wed, 07/22/2015 - 18:32 | 6343102 Mentaliusanything
Mentaliusanything's picture

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

Wed, 07/22/2015 - 16:05 | 6342539 Arnold
Arnold's picture

Says in your Bio that you are from Reno, Freddie

Wed, 07/22/2015 - 16:38 | 6342672 SixIsNinE
SixIsNinE's picture

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?

 

Wed, 07/22/2015 - 15:41 | 6342451 vq1
vq1's picture

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


Wed, 07/22/2015 - 16:14 | 6342573 RacerX
RacerX's picture

Paulson? Is that you? Lol..

Wed, 07/22/2015 - 15:41 | 6342452 DeProgrammed
DeProgrammed's picture

Any time that disgusting cesspool of humanity known as Vegas suffers, my eyes well up with tears of joy.

Long Lake Mead?

Wed, 07/22/2015 - 16:13 | 6342569 crazybob369
crazybob369's picture

At the rate they're emptying it, Lake Mead ain't long for this world.

Wed, 07/22/2015 - 16:27 | 6342628 ah-ooog-ah
ah-ooog-ah's picture

but no Lake Mead data at http://lakemead.water-data.com/  since 9 July. 

Wed, 07/22/2015 - 16:40 | 6342683 SixIsNinE
SixIsNinE's picture

but, but, the Cielo in Caesars, with the lights & stars, inside...& Gucci handbags & sunglasses....come on, no way the Oligarchs will let this fade....

Wed, 07/22/2015 - 15:49 | 6342477 RMolineaux
RMolineaux's picture

They all look like World Trade Center building 7.

Wed, 07/22/2015 - 16:04 | 6342534 laser
laser's picture

These were sloppy compared to WTC but had the same concrete and asbestos dust.

Wed, 07/22/2015 - 16:18 | 6342554 crazybob369
crazybob369's picture

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.

Wed, 07/22/2015 - 16:31 | 6342643 venturen
venturen's picture

Who do we have to rescue now?

Wed, 07/22/2015 - 16:46 | 6342706 CapitalistPigsInZen
CapitalistPigsInZen's picture

Dat Pyroclastic Flow, Do'h !

Wed, 07/22/2015 - 17:07 | 6342771 matagorda
matagorda's picture

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...

Do NOT follow this link or you will be banned from the site!