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On This Week's Very Special Episode of 'Hoarders'...
On this week's very special episode of Hoarders, Harrah's Entertainment attempts to sneak another casino into its already crammed Las Vegas Strip deep freezer - Planet Hollywood - at a debt purchasing garage sale.
A team of five workers is standing by ready to clean out Harrah's portfolio or else they face rebuke from the casino public.
Should this story prove true - that Harrah's is buying Planet Hollywood by hoovering up its debt bonds - both parties will come out smelling like Holly Madison's Criss Angel undie pants collection garlic knots at Buca di Beppo.
Harrah's - which seemed doomed to deconglomeration barely months ago - proves to all that it still has shark teeth and the killer instinct. Planet Hollywood honchos could potentially hit the cheesy crust jackpot on a proposition nearly everyone thought had worse odds than roulette. Aladdin/Planet Hollywood? The thought of it would still make me laugh if they hadn't actually pulled it off. Perhaps I'm in the minority, but if I were on either business end of this deal, I'd be at work right now massaging the massive egos involved.
As a consumer, the further consolidation of properties into the Harrah's column is troublesome, shortly after TI disembarked the MGM juggernaut for indie status as well. Planet Hollywood has become the go-to 3 1/2 star joint for people who are weary of Harrah's and disenfranchised by MGM Mirage.
Paging Mr. Stupak. Mr. Stupak to the white courtesy phone.
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Comments & Discussion:
Harrah's can't really afford to be in Buying Stuff Mode. I mean, it could happen if a frisky investor from outside doesn't step in and start buying too, but this seems like a bunch of crystal ball stuff being pushed by the newspaper of waning influence.
Harrah's could almost certainly come up with the cash required to buy PHo, especially at a distressed price.
The gaming commission should take a hard look at this. Doesn't Nevada allow the gaming commission to consider the best interests of the gaming industry when making decisions? They could issue a preliminary opinion against a Harrah's acquisition based on either anti-trust or too much debt not being in the best interests of the industry. Aside from the curse, PHo would be a perfect acquisition for Penn or Ameristar.
Does Harrah's have that kind of money? It would be a smooth deal considering that PHo has been remodeled already so there wouldn't be any construction issues other than the condos going up.
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