Caesars Entertainment Corp, whose subsidiary Caesar Entertainment Operating Co. manages the Horseshoe casinos in Cleveland and Cincinnati may be on the verge of bankruptcy. They have closed three casinos this year and face a mounting debt that currently stands at $25 billion. In a recent SEC filing, Caesars stated that Caesar Entertainment Operating Co. will be out of money by third quarter of 2015 and may have to file a Chapter 11 bankruptcy. They may also have to sell their 20% share they have in the Horseshoe casinos.
Meanwhile, Lake Entertainment Inc., a Minnesota company with $21 million invested in Rock Ohio Ventures, which holds an 80% share of the Horseshoe casinos, claims in an SEC filing that the investment now has a value of $0.