The company remains locked in a legal squabble with a group of its lower-level creditors as it attempts to restructure and put its main operating unit through Chapter 11 bankruptcy, in what Caesars itself has called “the largest and most complex bankruptcy in a generation.”
Loveman was unable to comment on the progress of the Chapter 11 filing for legal reasons. However, he said he was feeling “pretty good” about Q2’s financial outlook and refused to share Steve Wynn’s recent pessimism about the short-term health of the US casino market.
He did, however, suggest that Q2 declines could occur because of a curfew at Horseshoe Baltimore, imposed due to the recent social unrest in that city, and because of the New Orleans smoking ban.
This was Loveman’s final conference call with investors before he steps down from his post in the summer, following many years of controversy over his leadership choices. He will be replaced by former Hertz Global Holdings CEO and Chairman Mark Frissora, who officially dons his laurel wreath on July 1.
