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Cirque du Soleil, the Las Vegas Strip’s preeminent production company for more than two decades, has filed for bankruptcy.

The company, which has six productions on the Strip, announced Monday morning from its headquarters in Montreal it was seeking a debt restructuring protection under its home country’s Companies’ Creditors Arrangement Act (CCAA).

As expected, the company said in its filing announcement the refinancing move was “in response to immense disruption and forced show closures as a result of the COVID-19 pandemic.”


https://www.reviewjournal.com/entertainment/entertainment-columns/kats/cirque-du-soleil-files-for-bankruptcy-plans-to-rebuild-2064149/

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6 hours ago, bigup2dahorns said:

Cirque du Soleil, the Las Vegas Strip’s preeminent production company for more than two decades, has filed for bankruptcy.

The company, which has six productions on the Strip, announced Monday morning from its headquarters in Montreal it was seeking a debt restructuring protection under its home country’s Companies’ Creditors Arrangement Act (CCAA).

As expected, the company said in its filing announcement the refinancing move was “in response to immense disruption and forced show closures as a result of the COVID-19 pandemic.”


https://www.reviewjournal.com/entertainment/entertainment-columns/kats/cirque-du-soleil-files-for-bankruptcy-plans-to-rebuild-2064149/

Glad I saw KA when I was there in January.  

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On 6/26/2020 at 1:19 PM, irishtexan said:


I think the CDC has recommended that people over the age of 110 stay home and avoid casinos.

Did the CDC run this through Wayne Newton first? 

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Cirque du Soleil CEO Daniel Lamarre told CNBC on Tuesday that the circus company is eyeing "the beginning of 2021" for the return of its shows, following a coronavirus-driven suspension.

"The good news is all of our cast and crew in Las Vegas lives there, so that's why we're hopeful that we can open Vegas first because the artists are ready to go, so within a couple of weeks of training and rehearsal, a show can be back on track," Lamarre said on "Squawk on the Street."

Lamarre, whose comments came one day after Cirque du Soleil filed for bankruptcy protection, said the return of the company's shows in Orlando will also benefit from a locally based cast and crew.

"It will be more complicated for touring shows because we cannot open touring shows unless all the airlines are working on a regular schedule and all the borders around the world are reopened, because when we do a touring show we tour in 450 cities around the world," he said.

Cirque du Soleil and the live entertainment industry writ large have faced severe consequences from the Covid-19 crisis, with the virus outbreak leading to the cancellation of shows. On Monday, New York City's Broadway League announced that it has suspended shows for the rest of 2020.

Lamarre said it will likely take the Montreal-based Cirque "a good two years" to return to pre-pandemic levels of profitability. But he said Cirque needs about 40% of its seats filled to break even, meaning "with the social distancing, if we could operate with 50% of our capacity, we would start making a little bit of profit."

"So that's why we're hopeful that we could open some shows before that, but then again to really go back to the level of profitability we had before the crisis, we need full capacity," Lamarre said. He added that for any shows during the health crisis, the company would take the temperature of guests upon arrival at the theater and have a mandatory mask policy.

Cirque du Soleil cut nearly 3,500 employees as part of its creditor protection filing. The employees had previously been furloughed.

Lamarre said he believes the initial purchase plan that Cirque has agreed to with existing shareholders helps solidify the company's long-term presence, although he noted other offers could be made in the coming weeks.

"Obviously, they would have to come with an offer that is better for the future of the company, better for our employees," he said, noting that current shareholders could match such an offer. "So that's why today I can guarantee the future of Cirque du Soleil is ensured, and when normalcy is back, then all of our shows, progressively, will come back."

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Bellagio mistake leads to possibly biggest loss for Las Vegas sportsbooks

The Bellagio might have suffered the biggest ever sportsbook loss in Las Vegas history when it allowed a quarter-million dollars in winning wagers to be placed on baseball games well after they had started.

The winnings were spread among approximately 50 so-called “past-post” bets that were wagered on in-progress Chinese and Korean baseball games, the Las Vegas Review-Journal reported.

Human error allowed the bettors to throw down wagers between 1:30 a.m. and 3 a.m. for games that had started around 1 a.m. and 2 a.m.

Nearly all were placed on self-serve kiosks at the casino.

One winner scored $137,107.38 on a $250 10-leg parlay. It’s unknown how many bettors were involved.

Seven longtime Vegas bookmakers couldn’t recall a larger loss when asked by the paper.

The Nevada Gaming Control Board is investigating the matter to determine whether the books must shell up the cash, ESPN reported.

Past-post errors are fairly common in the sports betting world, occurring occasionally when sportsbook employees enter in wrong start times for games or simply input a typo.

Overseas games in far-off time zones can also cause confusion leading to past-posting, bookies told the Review-Journal.

“It’s happened to all of us,” Westgate sportsbook director John Murray told the outlet. “I think every sportsbook probably since the beginning of time has dealt with this at some point.”

Several bookmakers told the Review-Journal that it is common practice to offer past-post bettors the option of either taking the winnings along with a permanent ban from the casino or forfeiting the earnings with the freedom of returning any time.

But the books are required to turn to the GCB any time there is a dispute around more than $500. The board then investigates the matter and issue a ruling the books must follow.

Robert Walker, USBookmaking director of sportsbook operations, told the outlet that when the GCB gets involved it often sides with the bettors.

“We had [the GCB] come out several times,” Walker said. “We got ruled against most of the time.”

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