Harrahs inching ever closer to bankruptcy.

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shadroch

Well-Known Member
#1
#1
Harrahs Entertainment has just requested permission to use one third of its revolving line of credit in order to pay what amounts to everyday cost of operations. This is not what such lines of credit are designed for and can be seen as a desperation move. Harrahs is 24 billion dollars in debt and the interest on the debt is strangling it.
I'm thinking they are no more than sixty days from filing for bankruptcy protection, perhaps less.
 
bj bob

bj bob

Well-Known Member
#2
#2
shadroch said:
Harrahs Entertainment has just requested permission to use one third of its revolving line of credit in order to pay what amounts to everyday cost of operations. This is not what such lines of credit are designed for and can be seen as a desperation move. Harrahs is 24 billion dollars in debt and the interest on the debt is strangling it.
I'm thinking they are no more than sixty days from filing for bankruptcy protection, perhaps less.
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Thanks for the info Shad. That means that time's running out to get into those priceless 8D, H17, 6:5 gems. I'm so sad,the tears are dripping down onto my keyboard as we speak. :cry::cry:
 
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RingyDingy

Well-Known Member
#3
#3
bj bob said:
Thanks for the info Shad. That means that time's running out to get into those priceless 8D, H17, 6:5 gems. I'm so sad,the tears are dripping down onto my keyboard as we speak. :cry::cry:
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Jesus, what a tragedy, I dont know how we can cope?

What goes around comes around................ I'snt Karma a bitch?
 
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callipygian

Well-Known Member
#4
#4
The solution, obviously, is to increase blackjack revenue by reducing blackjack payouts to 1:1 and then raising limits on all the tables so that $10 bettors are replaced with $25 bettors.
 
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RingyDingy

Well-Known Member
#5
#5
callipygian said:
The solution, obviously, is to increase blackjack revenue by reducing blackjack payouts to 1:1 and then raising limits on all the tables so that $10 bettors are replaced with $25 bettors.
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Somehow Its not going to be enough, i suggest a more radical approach.

I am suggesting that they take the game down to single deck.

yes i know, hear me out.

then they selectively cut the deck down to two piles, one is played by the dealer, one is played by the punters.

The dealer deck has all the 10,J,Q,K and A's
the punters deck has all the rest.

We call this the new: Super Deluxe Awesome Fun Spanish Hawaiian No Limit Extreme Blackjack, as seen on TV. - NOW WITH ADDED TOPLESS DEALERS - thanks to bj bob.
 
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bj bob

bj bob

Well-Known Member
#6
#6
RingyDingy said:
Somehow Its not going to be enough, i suggest a more radical approach.

I am suggesting that they take the game down to single deck.

yes i know, hear me out.

then they selectively cut the deck down to two piles, one is played by the dealer, one is played by the punters.

The dealer deck has all the 10,J,Q,K and A's
the punters deck has all the rest.

We call this the new: Super Deluxe Awesome Fun Spanish Hawaiian No Limit Extreme Blackjack, as seen on TV.
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Yeah, just throw in topless dealers and I'm on line booking my reservations!:devil::devil: Who the hell needs good rules anyway?
 
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Cardcounter

Well-Known Member
#7
#7
Harrah's is crap!

I went into Harrah's to cash in the $10 coupon they gave me because it is close to other casinos I was playing at. I was going to give them action but there $10 where completely full. There was a $25 minimum table that was completely empty and I didn't want to play for that much so asked them to lower it to $5 or $10 and they wouldn't do it. It was like 3:00am so I cashed the coupon and did not give them a single $1 worth of action because of the pit boss inability to work with me.
Plus the games are **** at Harrahs.
 
Tarzan

Tarzan

Banned
#8
#8
Life is rough...Poor Harrah's

Well, the Harrah's comp system is the worst going and they have had an attitude of "Don't like playing here? TOUGH! Plenty more people where you came from!" Their blackjack is horrible and you all know what a big fan I am of their 8 decks and H17 rules.

They have grown so big and bought out everything they can. In doing this they have completely disregarded their players. It's all about profits and stockholders and a corporate mentality and they have lost sight of their players and view them as a mass of people to be treated like a bunch of cattle and used and abused for all it's worth. The casinos they have bought out (in Atlantic City), they have ruined. Any personalized quality of anything was lost, the comp system went down the tubes and you can gamble thousands there and get PENNIES worth of comp with their "point comp system" in which a point = one penny; Play all day and you can score a whopping--- $1.78 in comp!!! Yeeehawww!!!! I think they shifted their comp to their "high rollers" and "whales" and everyone else can go to hell as far as they're concerned.

I don't play at any Harrah's casinos (although I did before they were bought out by Harrah's) much at all anymore and there is no love lost in hearing that the greedy scum buckets are teetering on financial disaster and bankruptcy---THEY DESERVE IT.

I'm sorry if I went a little too far "over the top" in this post but I often think about how some of the casinos that I used to play in were nice, were fun... the games were fairly good for AC standards and then Harrah's bought them out and proceeded to make the games unplayable and the reasonable comps a thing of the past.
 
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Blue Efficacy

Well-Known Member
#9
#9
Harrah's headed toward bankruptcy is something certainly worthy of celebration. However, there is always the possibility whoever ends up with the properties should they be sold off will continue to offer poor 8D H17 rules.

Restrained jubilation is what I am feeling. You never know, their luck could turn around and they might recover financially. We must not "count our eggs before they've hatched."
 
Automatic Monkey

Automatic Monkey

Banned
#10
#10
Well who's left?

Hear the good news about Trump this morning?

In Atlantic City, you have Tropicana in receivership, Harrah's near bankruptcy, Colony losing money, Trump in Chapter 11. Once we find out what Borgata is hiding that's ALL of the AC casinos in trouble.

After all those years of treating blackjack players like dogs, now that the slot players have flown the coop do you think they'll compete for our business? Or maybe they'll shut down half the blackjack tables and replace them with Let It Ride tables in the hope that we'll just forget about blackjack and start playing sucker games instead.
 
Automatic Monkey

Automatic Monkey

Banned
#12
#12
21forme said:
If Harrahs files Ch 11, what happens to established comp dollars, if anything?
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Given the nature of Chapter 11 they'd be completely within their rights to wash them away, just like an airline does with frequent flyer miles. But I'm not sure even a casino executive would be stupid enough to do that. They'll probably just devalue them and eliminate any and all cashback.
 
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callipygian

Well-Known Member
#14
#14
Automatic Monkey said:
Given the nature of Chapter 11 they'd be completely within their rights to wash them away, just like an airline does with frequent flyer miles. But I'm not sure even a casino executive would be stupid enough to do that. They'll probably just devalue them and eliminate any and all cashback.
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Yeah, Chapter 11 means they're restructuring, not giving up. But usually they try to screw the employees over rather than the customers. Management tries to reassure the customers with all sorts of incentives, but the incentives end up being handed out by surly employees who don't care. :laugh:
 
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shadroch

Well-Known Member
#17
#17
Harrahs is privately held and doesn't have stockholders. What is does have is some $24 billion in debt.
While its treatment of table gamers is bad, and the table games worse, they have a fantastic comp plan for slot players.
Thats the niche they went after and were succeeding in AC until Pennsylvania gutted their slots market and the AC City Council forced their ever changing smoking rules on them.
My last trip, I stayed six nites comped, earned 1,100 points and $37 in comps, all playing 100 play VP.
BTW- Resorts hasn't made a debt payment in months and the bondholders are sueing to reposess the casino.
 
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Thunder

Well-Known Member
#18
#18
Why would you play 100 hand VP? The HE in that is pretty high as it is only 7,5 instead of 9,6 which can be found for regular j or b video poker.
 
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tedloc

Well-Known Member
#20
#20
What goes around....

Here's my Harrah's story. I was at the Harrah's in San Diego for a 3 nite stay. The first night, I played in the high limit room for about 6 hours and won a few dollars. The next morning, I came down to get a coffee and roll. I forgot my money, so I asked them to put the bill on my COMP card. The gal, told me the computer was down so she couldn't do it. The high limit room is right next door, so I went over there and asked them if they could COMP me the $3.50 that was due. They said they couldn't.
I went up got packed and left the hotel. It's been two years, and I have never been back.
 
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