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Gaming Biz : Harrah's Emperor Speaks

By Chuckmonster on Thursday, 18th June 2009 11:50am
  » filed under Harrah's Entertainment  comments: 0


We are here. Surfing the borderline on the light side of the moon at the precipice of indecision - will the next wave drown us or send us whizzing to shore. Regardless of what the pending sets and swells bring, for the first time in eons we're no longer gasping for air.

In the last few days, two of the big six casino corporation honchos have surfaced for interviews, MGM Mirage's Jim Murren in Bloomberg and Harrah's Gary Loveman to Las Vegas Business Press. That these guys are even talking to the press means that the worst of the worst is over.

Murren came carrying a message - none of MGM Mirage's properties on the Strip are for sale, but Biloxi, Detroit and Tunica are, for the right price.

Loveman had a quite a bit more to say on a wider range of topics concerning Harrah's current and future state.

Two short years ago Harrah's Entertainment was at war on all fronts... planning it's "Harrah's America" mega project, buying golf couses in Macau, designing a new sports/event center behind Ballys, re-building Harrah's Atlantic City and changing the name of the company to Caesars Entertainment.

Then the credit markets dried up, the economy crashed and visitation to Las Vegas and most other gambling destinations slowed to a trickle. An unholy trinity of events that not only monkey wrenched Harrah's plans, but nearly sent the company to the cusp of bankruptcy and/or being parsed out to whomever had money - a casino empire chop shop.

So what's to happen to the Ballys Arena, the name change to Caesars, the golf course in Macau? Yes, yes and yes.

Let's all just forget that 2008 happened... mkay?



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