Caesars: 80% off the highs -

No doubt financial leverage is going to unwind. For Caesars, a private equity darling. That unwind is maybe the most painful I've seen. Loan facilities have call rights when stocks dip below certain levels, most likely, we've cleared those levels here.

The biggest PE firms with stakes are going to be looking for strategic opportunities here, but assuming they don't find one, this very well could be one of the first blowups we see.