Harrah's is Caesars' biggest resort in
The closure makes financial sense for Caesars and is a positive for the oversupplied
We believe the closure of Showboat will be more contentious among CEOC's creditors than the closure of CEOC's Harrah's Tunica, which closed earlier this month. Showboat is generating positive EBITDA (Harrah's Tunica's EBITDA was not disclosed) and the move has the potential to move business away from CEOC to CERP.
CEOC's EBITDA base could be further diluted if Caesars buys Revel. Caesars is among companies speculated to bid for Revel in the bankruptcy auction scheduled for
Additional information is available on www.fitchratings.com.
The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article, which may include hyperlinks to companies and current ratings, can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings.
Alex Bumazhny, +1 212-908-9179
Source: Fitch Ratings
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