Harrahs To Blow Up Everything Except Caesars, Flamingo and Paris
Harrah's Entertainment CFO Jonathan Halkyard recently spoke to a Bank of America conference - possibly to allay investor fears (or secure financing) - about the coming implosion/closure/reconstruction of many of Harrah's properties. He mentioned that Vegas and Atlantic City properties will be getting major makeovers as part of a "10 year plan" of Harrah's redevelopment.
Based on the bits and pieces we've gathered this is our mock up on how the Harrah's redevelopment project may go down:
The Imperial Palace will close in March 2007 and imploded 3-5 months later to make way for Phase 1 of "Harrahs America" After the first phase of Harrahs America opens in 2010-2011, the current Harrah's Las Vegas will close (2010 +/-) and be imploded. Concurrently with the first phase of Harrah's America, a major makeover will take place at Showboat/Ballys/Harrahs/Caesars Atlantic City - with Ballys being rebranded as a Horseshoe and Harrah's Atlantic City new towers built from the ground up. see drawing of new Harrahs AC
Back in Vegas, The Flamingo will continue its makeover, with an expansion to the East surrounding Barbary Coast into the soon to be vacated apartment complexes as well as the old Bourbon Street Site. Across Flamingo Road at Ballys, a team has been assembled to work on the "Ballys Project" - Ballys will be demolished and rebuilt as a Horseshoe in a multi-pronged attack. This will begin after a majority of the Flamingo renovations will be complete - existing Ballys customers will be filtered to the new Flamingo and higher end clientele to Paris and Caesars. How will this multi-pronged attach be done? Easy - Ballys strip frontage (the stream/circular walkway and Strip facing tower) will be redeveloped into a full casino + hotel tower, the remaining Ballys/MGM Grand towers will be taken down and replaced after construction is 70-80% complete in 2012(+/-). The mini-Horseshoe will attach with Paris' current casino structure on 2nd level over the driveway (a la Reno).
2007 - IP goes down
2008 - Harrahs America (IP) construction
2009 - Bally's #1 Goes Down
2010 - Mini-Horseshoe construction
2011 - Harrah's goes down, Harrah's America (IP) opens 2012 - Harrahs America (H) construction, Mini-Horseshoe Opens (late '11, early '12)? Ballys #2 goes down first
2013 - Harrahs America (H) construction, Horseshoe construction
2014 - Harrahs America opens
2016 - Wayne Newton drowns in a vat of his own liposuction.
"In the near term -- the next 18 months to two years -- there will be some contraction as we see some supply, including ours, come out of the market," Halkyard said.
He noted that redevelopment of the 2,600-room Imperial Palace, which Las Vegas-based Harrah's acquired last year, would present the least disruption to the company's Strip portfolio of 18,000 hotel rooms.
"We will be very careful of taking out a lot of capacity at once. It is really a 10-year plan," the CFO said.
The company has said it plans to announce within the next several months plans for redevelopment of its Las Vegas and Atlantic City, New Jersey properties.
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