Harrahs inching ever closer to bankruptcy.
- Thread starter shadroch
- Start date
Stockholders for Harrahs
Shad, are you sure about that? I'm certain I saw that Gary Loveman (I think that's the guy's name) CEO giving a "state of the union" sort of speech on the internet or the TV, I can't recall which and he was babbling on about "our stockholders". Further into his babblings he again used the term "our stockholders" a few more times.
This had all appearances of being a typical stockholders meeting. Obviously there are stockholders but it's a matter of whether it is privately or publicly owned stock. You have my curiousity going now!
Shad, are you sure about that? I'm certain I saw that Gary Loveman (I think that's the guy's name) CEO giving a "state of the union" sort of speech on the internet or the TV, I can't recall which and he was babbling on about "our stockholders". Further into his babblings he again used the term "our stockholders" a few more times.
This had all appearances of being a typical stockholders meeting. Obviously there are stockholders but it's a matter of whether it is privately or publicly owned stock. You have my curiousity going now!
Harrahs used to be a publicly held Corp. A few years back, it was taken private by a teaming of Texas Pacific and a group with Apollo in its name. The combined holding co. is called Hamlet Holding. At the time, one of the reasons given was that by going private they wouldn't have to max out each quarters return for Wall St and could invest in long term growth.
wonder what kind of bonus that forward thinking executive got last year.
Without checking, I think I bought around $45. Seems like the stock doubled, but I sold it around $72.
wonder what kind of bonus that forward thinking executive got last year.
Without checking, I think I bought around $45. Seems like the stock doubled, but I sold it around $72.
Hmm, wonder what the state of affairs are for the Terrible's franchise is...
Learned from our favorite little old lady Keno runner at breakfast on Monday morning...just before Christmas, the employees were told their bonus program was taken away. Now no one cares about calling out vs. saving their sick time/PTO. This was at Buffallo Bill's, and she is the only Keno runner for there/Pete's depending on the day.
And the House has cracked down on 10c/any way tickets...I had a 31-way (10 spot paired up) that had play at 25c. They wouldn't budge to go down to 10c.
Over at Rampart (the JW Marriott in SUmmerlin -- a hoity-toity property), roulette was $1 chips, $5 spread over the WHOLE table....not inside/outside. Talk about hurting...again, this was last week.
Learned from our favorite little old lady Keno runner at breakfast on Monday morning...just before Christmas, the employees were told their bonus program was taken away. Now no one cares about calling out vs. saving their sick time/PTO. This was at Buffallo Bill's, and she is the only Keno runner for there/Pete's depending on the day.
And the House has cracked down on 10c/any way tickets...I had a 31-way (10 spot paired up) that had play at 25c. They wouldn't budge to go down to 10c.
Over at Rampart (the JW Marriott in SUmmerlin -- a hoity-toity property), roulette was $1 chips, $5 spread over the WHOLE table....not inside/outside. Talk about hurting...again, this was last week.
I only played at one of their properties for the first time recently - and trounced them (+48 units in 2 hours, and I don't mean nickels). I'm going to play their games relentlessly because they are so bad! I mean they are good enough to make money, but if they get burnt by me it won't affect the bottom line. And if they are going to get flipped or if the doors are going to shut then either way - take them out.
I would never take this approach at a casino I liked, ever.
I would never take this approach at a casino I liked, ever.
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Ipo
I know this will be unpopular with you AP's, but as an investor, I would love to own "The Evil Empire" if an IPO ever happens and current management stays on. They have virtually zero debt due until 2013 and that which is due in 2013, they have been purchasing of the street for as little as $0.20 to $0.30 an the dollar - mind you, it is 5.8B due, realistically it is closer to 1.2B or a little over what they make in a year (it was 6.5B) As a gambler, I like their odds…and before you say 6:5, tight slots, ect are chasing away people, I know of 4 couples who went to Vegas for the 1st time this year. They each stayed 3 to 5 nights and brought $100 to $200 per person per day to “lose” while gambling. Guess where they stayed and gambled – you got it, a Harrah’s property. Even better for Harrah’s, they would go back and stay with them again. Harrah’s target market is the middle class ploppy, and they have a virtual lock on their target.
I know this will be unpopular with you AP's, but as an investor, I would love to own "The Evil Empire" if an IPO ever happens and current management stays on. They have virtually zero debt due until 2013 and that which is due in 2013, they have been purchasing of the street for as little as $0.20 to $0.30 an the dollar - mind you, it is 5.8B due, realistically it is closer to 1.2B or a little over what they make in a year (it was 6.5B) As a gambler, I like their odds…and before you say 6:5, tight slots, ect are chasing away people, I know of 4 couples who went to Vegas for the 1st time this year. They each stayed 3 to 5 nights and brought $100 to $200 per person per day to “lose” while gambling. Guess where they stayed and gambled – you got it, a Harrah’s property. Even better for Harrah’s, they would go back and stay with them again. Harrah’s target market is the middle class ploppy, and they have a virtual lock on their target.
I think you are going to get your chance to own a piece of "the evil empire" as they are expected to have an IPO before years end. HET has succeeded in reducing their debt and cost cutting over the past several years, but as a result of that cost cutting a number of properties are rapidly deteriorating and in dire need of maintanance and renovations. In Vegas, the prime example is the Rio and Bally's. Planet Hollywood is following closely behind. Most of the Harrah's properties are now competing with the second and third tier properties in vegas and even the downtown properties rather than with the big boys as they did a few years ago. Nothing personal about the couples you know that went to harrahs recently and gambled a $1000 for a 3-5 day stay, but a couple years ago they were drawing the couples that would spend three times that. The ones that now stay at Wynn, Aria, Bellegio or Venetian. In AC, what they did with Bally's is a disgrace. The Showboat is also a shell of its former self. So they may be saving money with less maintanance but the value of the properties is falling rapidly. The Rio has been on the market for sometime now and the asking price is now a fraction of what it was several years ago and they still can't find any buyers.
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