Caesars Entertainment stock continues to fall this week as Fitch Ratings suggested it may have to restructure its debt and spin off assets like the World Series of Poker and its online business.
In a report just released by the financial ratings company Fitch ratings, they say that Caesars’ ability to meet its financial obligations the company would need some sort of restructuring of its near $20 billion debt.
The ratings company have now revised its ratings outlook on Caesars from stable to negative.
Caesars stock fell 10.7 % last week and slid another 7 % on Tuesday and opened down another 2% Wednesday at $6.55 following the news.
Caesars lost $241.7 million in the second quarter, main due to intense competition in its big Las Vegas and Atlantic City markets.
Also with its UK land based casino operation doing badly and no takers for the London Clubs International business.