Caesars World Inc

Caesars Hotel & Casino's gaming license should be temporarily suspended because it removed black and female employees from a table to please a big-spending customer, officials say. "The conduct was repugnant," said state Division of Gaming Enforcement Director Anthony Parrillo on Thursday. "I think this will show the length they will go to cater to a high roller." Trump Plaza was facing similar discrimination charges, a newspaper reported Friday.

The special stockholders' meeting was postponed from Friday because, as previously reported, a federal judge in Los Angeles ruled that the Los Angeles-based casino operator must send out revised proxy material. The meeting was called to vote on management's proposed $1-billion recapitalization plan and anti-takeover measures. The judge also blocked Martin T. Sosnoff's tender offer, saying the financing would have to be changed.

The Nevada Gaming Commission plans to resume on July 30 discussion on a nearly $1-billion recapitalization plan by Caesars World that surfaced after a hostile bid by investor Martin T. Sosnoff. Gaming authorities questioned whether Caesars could afford a nearly $1-billion debt that will result from the plan and maintain the quality of its Nevada hotel-casinos.

Martin T. Sosnoff has lost his effort to oust four top management figures from the board of Caesars World, but there was no sign Wednesday that he will call off his unsolicited tender offer for its stock. The next business on the agenda for the Los Angeles-based casino operator is a special stockholders meeting here June 12 to vote on its own $960-million recapitalization proposal. In effect, shareholders will choose at that time between the company's plan and Sosnoff's offer.

The Nevada Gaming Commission will resume discussion July 30 in Las Vegas on a nearly $1-billion plan by Caesars World that surfaced after a hostile bid by investor Martin Sosnoff. Commission Chairman John O'Reilly said commissioners are viewing the recapitalization plan "with extreme concern." Gaming authorities questioned whether Caesars could afford a nearly $1-billion debt that will result from the plan and maintain the quality of its Nevada hotel-casinos.

Approval of the plan, incorporating a $26.25-per-share cash dividend, was by a 4-to-1 margin at a special meeting of Caesars at the Beverly Hills Hotel. The tally was 17.5 million shares in favor, 4.6 million against and 80,614 abstaining. Some 30.7 million shares were entitled to vote. As expected, Martin T. Sosnoff, who gave up a tender offer for the company last month, cast his 4.2 million shares against the company plan. The Los Angeles firm owns Caesars Palace in Las Vegas.

For those who have lost a lot of money gambling in Las Vegas, take heart and read this: Caesars Palace has not been doing so hot either. Caesars World, the Los Angeles firm that owns Caesars Palace as well as Caesars Tahoe, said bad luck at its table games--such as blackjack, roulette and craps--is going to slash profits in the quarter ended Wednesday. The firm expects to earn only from 3 to 10 cents a share in the fiscal second quarter, compared to 42 cents a share, or $10.

New York money manager Martin T. Sosnoff disclosed Monday that he is prepared to make a "meaningful" increase in his $28-a-share bid for Caesars World if a friendly deal can be negotiated. Sosnoff's new position was made last Friday in letter to Chairman Henry Gluck of Caesars World, but the management of the Los Angeles-based casino firm went public Sunday with a counter-plan to borrow $1 billion and pay a $25-per-share special cash dividend to shareholders.