From the Las Vegas Sun:
Caesars Entertainment Corp. on Monday missed a $225 million interest payment it owes some of its creditors, giving the company 30 days to pay it or default.
Alex Bumazhny with Fitch Ratings said days before that it was likely the company would miss it since it's a payment to the operating division's junior creditors. The company's decision was predicated on how much time it wanted to buy to keep negotiating a deal with its first-in-line creditors to restructure finances ahead of a potentially messy bankruptcy filing, he said.
$225,000,000 is a huge payment to miss, and that's just the interest. Can't imagine how much the principal+interest payment would be.
My guess is that Caesars will file for bankruptcy and get rid of the union contracts and a lot of their debt.