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Harrah's To Turn Caesars Into Slot Den

By Chuckmonster on Thursday, 29th September 2005 1:51pm
  » filed under Las Vegas  comments: 0


"We are absolutely willing to let that go for a period of time to see if we can learn how to do it properly," Loveman said of high-end play, where gamblers wager as much as $150,000 per hand on blackjack and baccarat. "If we can make money in it, hallelujah! If we can't, then we have to look at it."

Caesars Palace could become more of a slot house under the new management of Harrah's Entertainment.

Loveman explained his caution by referring to the struggles Harrah's experienced following its 1998 purchase of the off-Strip Rio, one of Las Vegas' leading high-roller-oriented properties at the time.

Revenues plummeted early in Harrah's ownership, as company leadership strove to integrate The Rio into its bargain-driven business model, which relies heavily on the predictable revenue generation of slot play.

High roller traffic at the Rio, Loveman said, "was distracting our management so terribly that the other 10,000 people who were at the Rio every night and all the good things that were happening to them were all lost sight of, all because we were concerned about one or two people who happened to be in a little room at the back, killing us."



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