It has been a tough year for the gambling industry. Many of the largest casinos in New Jersey,and others across the country, have been struggling to keep their doors open. With many people having less discretionary income, it has been increasingly difficult for many casinos to stay in operation due to the lack of revenue. It was recently announced that Caesars Entertainment Corp. is planning to file for Chapter 11 bankruptcy protection in order to stay in business.
Caesars, known for being the leader in the gambling industry, has been dealing with debt since 2008 and has accumulated an industry-high of $22.8 billion. The company triggered a default when it was not able to make its $225 million bond interest payment. Things became worse when the company's stock began to drop the day before the restructuring announcement was made.