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Caesars’ Bet on Better Days Led to Bankruptcy for Division

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In this Monday, Jan. 12, 2015 photo, a man takes pictures of Caesars Palace hotel and casino, in Las Vegas. The company said Friday, Jan. 9, it has a majority of the holders of its debt on board with a pre-planned bankruptcy agreement that would reorganize Caesars Entertainment Operating Corp. into two separate companies, one to own casino-hotels and the other to lease them, and cut its existing debt by about $10 billion. (AP Photo/John Locher)

In this Monday, Jan. 12, 2015 photo, a man takes pictures of Caesars Palace hotel and casino, in Las Vegas. The company said Friday, Jan. 9, it has a majority of the holders of its debt on board with a pre-planned bankruptcy agreement that would reorganize Caesars Entertainment Operating Corp. into two separate companies, one to own casino-hotels and the other to lease them, and cut its existing debt by about $10 billion. (AP Photo/John Locher)

KIMBERLY PIERCEALL, Associated Press

LAS VEGAS (AP) — Financial problems plaguing Caesars Entertainment and its casino empire have the company considering a trip to bankruptcy court, possibly as early as Thursday.

It doesn’t necessarily signal the end of this faux Roman Empire, though.

If all goes according to the company’s plan, drawn up with its most senior creditors, it should be business as usual for customers — its doors will remain open, the slot machines will still sing, chips will rest atop tables.

“Caesars is, in a certain sense, a Nevada version of ‘too big to fail,'” said Michael Green, a history professor with the University of Nevada, Las Vegas.

It’s still a gamble.

U.S. casino-hotel companies are dependent on extra cash in a person’s pocket, but perhaps none more than Caesars, which waded into the recent economic downturn already burdened by more debt than any of them — a by-product of a buyout in January 2008 that was largely a wager using other people’s money.

While competitors found fortune in Asia’s casino growth as stateside gambling in Las Vegas and Atlantic City waned, Caesars missed out. And as other companies built arenas and shopping districts on the Strip or casino-hotels in newer gambling markets across the country, analysts say Caesars was reluctant to spend.

It went private, then public again to raise cash and created new related companies, shifting its properties from one to another to free them up from the debt cordoned off in one spot, its Caesars Entertainment Operating Co. That’s the company now headed to bankruptcy court.

Regardless of the maneuvers, “the fundamentals were not there to support the amount of debt that they had,” said Keith Foley, an analyst with Moody’s Investors Service.

WHAT HAPPENED

Apollo Global Management LLC and TPG Capital LP did what a lot of private equity firms were doing at the time when money and loans were easy to come by, buying companies with promise — relying mostly on debt — to add to its portfolio. The gambling industry looked promising.

The deal to buy Caesars (then known as Harrah’s) was first announced in 2006 during the heyday of Vegas tourism and development. But the deal didn’t close until January 2008, several months before Lehman Brothers would go bankrupt, shaking the economy to its core. And it was a nearly $30 billion deal with the two firms taking on more than $10 billion of existing debt and relying on several billion more in bonds to pay for the company.

In between, the company had cut about 200 people from its corporate staff. Before the year was done, Caesars was cutting more staff and looking for new cash to make its interest payments.

WHAT NOW

Among its casino peers, Caesars’ empire remains the largest, employing some 68,000 people worldwide at more than 50 casino-hotels, including Caesars Palace on the Las Vegas Strip.

While Caesars Entertainment has seen a steady $8.6 billion or so in revenue since 2009, it’s been outpaced by Las Vegas Sands Corp., which went all-in in Macau, China, and grew every year to post revenue of $14.5 billion in 2013.

Las Vegas Sands made a $2.3 billion profit that year. Caesars lost $2.9 billion.

Caesars has lost money each year for the last five years.

Still, the company unveiled its High Roller observation wheel and newly renovated hotels on the Strip: The Linq and The Cromwell. It hired headliners for shows at The Colosseum inside Caesars Palace.

All the while, it was shifting and shuttering other assets.

Last year, the company closed properties in Atlantic City, London and Mississippi and said it would cut its global workforce by less than 1 percent.

“They’re going to have to become a little leaner,” said Chris Jones, an analyst for Union Gaming Group. He added that he doesn’t expect any more properties to shut down and expects the plan will free up Caesars to reinvest where it hasn’t, including the gambling floor.

WHAT’S NEXT

The company faces irked creditors, a few who have tried to force the casino giant into bankruptcy against its will this week. Others have sued, claiming the company ransacked Caesars Entertainment Operating Co. of most of its valuable assets. Caesars called the claims meritless and alleges some of its holdout creditors are hoping for the company’s demise in order to win wagers predicting as much.

Despite the acrimony, the company says that after months of negotiations it has more than 60 percent of the holders of its first-priority debt on board with its plan.

The plan would shed $10 billion in debt from its weighed-down operations division, leaving it with $8.6 billion and winnowing its annual $1.7 billion in interest payments to $450 million. Senior creditors who OK’d the plan would get cash and new debt to make them whole.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Oakland Post: Week of December 31, 2025 – January 6, 2026

The printed Weekly Edition of the Oakland Post: Week of – December 31, 2025 – January 6, 2026

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Big God Ministry Gives Away Toys in Marin City

Pastor Hall also gave a message of encouragement to the crowd, thanking Jesus for the “best year of their lives.” He asked each of the children what they wanted to be when they grow up.

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From top left: Pastor David Hall asking the children what they want to be when they grow up. Worship team Jake Monaghan, Ruby Friedman, and Keri Carpenter. Children lining up to receive their presents. Photos by Godfrey Lee.
From top left: Pastor David Hall asking the children what they want to be when they grow up. Worship team Jake Monaghan, Ruby Friedman, and Keri Carpenter. Children lining up to receive their presents. Photos by Godfrey Lee.

By Godfrey Lee

Big God Ministries, pastored by David Hall, gave toys to the children in Marin City on Monday, Dec. 15, on the lawn near the corner of Drake Avenue and Donahue Street.

Pastor Hall also gave a message of encouragement to the crowd, thanking Jesus for the “best year of their lives.” He asked each of the children what they wanted to be when they grew up.

Around 75 parents and children were there to receive the presents, which consisted mainly of Gideon Bibles, Cat in the Hat pillows, Barbie dolls, Tonka trucks, and Lego building sets.

A half dozen volunteers from the Big God Ministry, including Donnie Roary, helped to set up the tables for the toy giveaway. The worship music was sung by Ruby Friedman, Keri Carpenter, and Jake Monaghan, who also played the accordion.

Big God Ministries meets on Sundays at 10 a.m. at the Mill Valley Community Center, 180 Camino Alto, Mill Valley, CA Their phone number is (415) 797-2567.

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First 5 Alameda County Distributes Over $8 Million in First Wave of Critical Relief Funds for Historically Underpaid Caregivers

“Family, Friend, and Neighbor caregivers are lifelines for so many children and families in Alameda County,” said Kristin Spanos, CEO, First 5 Alameda County. “Yet, they often go unrecognized and undercompensated for their labor and ability to give individualized, culturally connected care. At First 5, we support the conditions that allow families to thrive, and getting this money into the hands of these caregivers and families at a time of heightened financial stress for parents is part of that commitment.”

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Costco. Courtesy image.
Costco. Courtesy image.

Family, Friend, and Neighbor Caregivers Can Now Opt Into $4,000 Grants to Help Bolster Economic Stability and Strengthen Early Learning Experiences

By Post Staff

Today, First 5 Alameda County announced the distribution of $4,000 relief grants to more than 2,000 Family, Friend, and Neighbor (FFN) caregivers, totaling over $8 million in the first round of funding. Over the full course of the funding initiative, First 5 Alameda County anticipates supporting over 3,000 FFN caregivers, who collectively care for an estimated 5,200 children across Alameda County. These grants are only a portion of the estimated $190 million being invested into expanding our early childcare system through direct caregiver relief to upcoming facilities, shelter, and long-term sustainability investments for providers fromMeasure C in its first year. This investment builds on the early rollout of Measure C and reflects a comprehensive, system-wide strategy to strengthen Alameda County’s early childhood ecosystem so families can rely on sustainable, accessible care,

These important caregivers provide child care in Alameda County to their relatives, friends, and neighbors. While public benefits continue to decrease for families, and inflation and the cost of living continue to rise, these grants provide direct economic support for FFN caregivers, whose wages have historically been very low or nonexistent, and very few of whom receive benefits. As families continue to face growing financial pressures, especially during the winter and holiday season, these grants will help these caregivers with living expenses such as rent, utilities, supplies, and food.

“Family, Friend, and Neighbor caregivers are lifelines for so many children and families in Alameda County,” said Kristin Spanos, CEO, First 5 Alameda County. “Yet, they often go unrecognized and undercompensated for their labor and ability to give individualized, culturally connected care. At First 5, we support the conditions that allow families to thrive, and getting this money into the hands of these caregivers and families at a time of heightened financial stress for parents is part of that commitment.”

The funding for these relief grants comes from Measure C, a local voter-approved sales tax in Alameda County that invests in young children, their families, communities, providers, and caregivers. Within the first year of First 5’s 5-Year Plan for Measure C, in addition to the relief grants to informal FFN caregivers, other significant investments will benefit licensed child care providers. These investments include over $40 million in Early Care and Education (ECE) Emergency Grants, which have already flowed to nearly 800 center-based and family child care providers. As part of First 5’s 5-Year Plan, preparations are also underway to distribute facilities grants early next year for child care providers who need to make urgent repairs or improvements, and to launch the Emergency Revolving Fund in Spring 2026 to support licensed child care providers in Alameda County who are at risk of closure.

The FFN Relief Grants recognize and support the essential work that an estimated 3,000 FFN caregivers provide to 5,200 children in Alameda County. There is still an opportunity to receive funds for FFN caregivers who have not yet received them.

In partnership with First 5 Alameda County, Child Care Payment Agencies play a critical role in identifying eligible caregivers and leading coordinated outreach efforts to ensure FFN caregivers are informed of and able to access these relief funds.FFN caregivers are eligible for the grant if they receive a child care payment from an Alameda County Child Care Payment Agency, 4Cs of Alameda County, BANANAS, Hively, and Davis Street, and are currently caring for a child 12 years old or younger in Alameda County. Additionally, FFN caregivers who provided care for a child 12 years or younger at any time since April 1, 2025, but are no longer doing so, are also eligible for the funds. Eligible caregivers are being contacted by their Child Care Payment Agency on a rolling basis, beginning with those who provided care between April and July 2025.

“This money is coming to me at a critical time of heightened economic strain,” said Jill Morton, a caregiver in Oakland, California. “Since I am a non-licensed childcare provider, I didn’t think I was eligible for this financial support. I was relieved that this money can help pay my rent, purchase learning materials for the children as well as enhance childcare, buy groceries and take care of grandchildren.”

Eligible FFN caregivers who provided care at any time between April 1, 2025 and July 31, 2025, who haven’t yet opted into the process, are encouraged to check their mail and email for an eligibility letter. Those who have cared for a child after this period should expect to receive communications from their child care payment agency in the coming months. FFN caregivers with questions may also contact the agency they work with to receive child care payments, or the First 5 Alameda help desk, Monday through Friday, from 9 a.m. to 5:00 p.m. PST, at 510-227-6964. The help desk will be closed 12/25/25 – 1/1/26. Additional grant payments will be made on a rolling basis as opt-ins are received by the four child care payment agencies in Alameda County.

Beginning in the second year of Measure C implementation, FFN caregivers who care for a child from birth to age five and receive an Alameda County subsidized voucher will get an additional $500 per month. This amounts to an annual increase of about $6,000 per child receiving a subsidy. Together with more Measure C funding expected to flow back into the community as part of First 5’s 5-Year Plan, investments will continue to become available in the coming year for addressing the needs of childcare providers in Alameda County.

About First 5 Alameda County

First 5 Alameda County builds the local childhood systems and supports needed to ensure our county’s youngest children are safe, healthy, and ready to succeed in school and life.

Our Mission

In partnership with the community, we support a county-wide continuous prevention and early intervention system that promotes optimal health and development, narrows disparities, and improves the lives of children from birth to age five and their families.

Our Vision

Every child in Alameda County will have optimal health, development, and well-being to reach their greatest potential. 

Learn more at www.first5alameda.org.

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