Caesars Entertainment have been in and out of the news for a number of months now – and finally, it seems, their desperate bid to avoid bankruptcy appears to have come to an end.
A recent court summary which was filed on Tuesday puts the 3-year-long battle to an end, with the company now legally required to pay up over $160 Million, with payments payable to six different law firms who all were involved in the lengthy legal proceedings.
The biggest payday goes to Kirkland and Ellis, who will be awarded a generous $77 Million. The high-fees are likely to open a short-lived argument surrounding the fees charged by bankruptcy lawyers – but as the case is gambling related, it’s unlikely there will be too much commotion, as members of the public generally are of the attuite that gambling companies are “beyond rich”, and can brush these fees away without battering an eyelid.
However, some are also saying that the $160 Million is letting Caesars Entertainment get off too easily; when they were first investigated to see if they’d been hiding financial income from the IRS, it emerged that they had actually hidden billions of dollars in revenue – something that could well have led to criminal prosecutions – so the fact they got off with a $160 Million fine is, for some, just not enough.
However, prosecutors and lawyers are likely to have thought things through, and realized that the chances of recovering anywhere near the amount of money owed was virtually impossible – so reaching a settlement that the group could pay seems like the smart move; after all, courts can dictate verdicts of however much money they want – but at the end of the day, if a company doesn’t have the cash, they don’t have the cash.
The “final nail in the coffin” for Caesars Entertainment Corporation, it’s certainly a shame to see a -once – reputable company in demise… and for many US players, the Caesars Entertainment name has been a pivotal name in the gambling scene, particularly in Las Vegas.
However, their clear lack-of-thought for breaking the law, and trying to avoid paying tax cannot be ignored, and there appears to be no other feasible solution that would have seen a result any different from that delivered this week.