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Harrah's Steaming Towards Privatization

By Chuckmonster on Thursday, 5th April 2007 6:11pm
  » filed under Las Vegas  comments: 1


It has begun to hit the news that Harrah's shareholders (100 of em) have voted to approve a buyout of Harrah's by Apollo Texas Instruments Starbucks Battlestar Galactica Inc (or whatever the gosh darn name is).

The meeting took place behind closed doors in the high limit lounge at the Imperial Palace (untrue) and voting was tallied by Maggie, the long-time IP Keno caller (also untrue).

What does this mean for the casual Vegas visitor? Probably nothing at first, but it also remains to be seen what Apollo Etc. Inc has up it's sleeve for the Harrah's Empire.

Interestingly, Apollo Etc. Inc has said that Harrah's operation will be transferred to a sub-division called Hamlet Holdings LLC. Hamlet, as you probably know, is one of William Shakespeare's most famous tragedies wherein the the famous "To Be or Not to Be" soliloquy is taken. Very interesting indeed... particularly in perspective of the many rumors about Apollo Etc. Inc., the metaphorical Claudius, beheading Harrah's, the metaphorical King of Denmark. Who in this scenario would be Hamlet? Harrah's CEO Gary Loveman? MGMMirage? Are Steve Wynn and Sheldon Adelson Rosenkrantz and Guildenstern? Will this buyout end in both Apollo Etc. Inc., Harrah's and the ghost of Caesars Entertainment all dying a slow death while suffocating on the poison of power?

Mixing Shakespeare, gambling and Battlestar Galactica may seem like a bizarre mashup to some, but if you think about it, its not that far of a stretch. Will Apollo (Adama) give in to the cylons (Apollo Inc's bean counters) and start selling its assets at a neat profit regardless of the effect it has on the 'human population'.

This and much more on the next episode of Battlestar Harralactica coming before the Nevada Gaming Comission this fall.



Comments & Discussion:

these private equity guys (Apollo) are too smart - i think if they do sell casinos, it will be the smaller ones. They know a good profit maker when they see one, and Harrah's casts off tons of free cash to finance this deal.

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