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On This Week's Very Special Episode of 'Hoarders'...

By Chuckmonster on Wednesday, 16th September 2009 1:10am
  » filed under Las Vegas  comments: 4


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.



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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