IP gets a reprieve
 

In the RJ yesterday, the slots are being changed to accept the Total Rewards Cards. It appears that the Imperial Palace will live on for a couple more years.

Low rollers, rejoice!

Re: IP gets a reprieve
 

So my IP players card is no longer good? F Harrah's

Re: IP gets a reprieve
 

Where is the IP (what city/state/country) located?

Re: IP gets a reprieve
 

The IP in this post is referring to the one i Las Vegas Nevada. There is also one in Biloxi I believe.

Re: IP gets a reprieve
 

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Where is the IP (what city/state/country) located?

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So you've never been to vegas before have you ?

The Imperial Palace is located across from Ceasers, next to Harrahs on the Strip. Home of Cookies in the poker room, the slowest elevators in all of Nevada, and the very potent Planters Punch in the Tiki Bar.

Re: IP gets a reprieve
 

Don't forget the Dealertainers!

Re: IP gets a reprieve
 

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Don't forget the Dealertainers!

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HIJACK !!!!

Name the dealertainers
1) Micheal Jackson
2) Dolly Parton
3) Blues Brothers
4) Elvis..
Ok I picked the low hanging fruit...

Re: IP gets a reprieve
 

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Where is the IP (what city/state/country) located?

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So you've never been to vegas before have you ?


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...and haven't read B&M very much? The Imperial Palace might as well be the official home of the Net poker player.

But no one plays there.

Re: IP gets a reprieve
 

My opinion (this is not based on fact):

It seems to me that the RJ's reporter wasn't thinking like a business owner when he wrote his article. This may not be a reprieve at all, just a temporary investment until the new Harrah's owners decides what to do with the strip facing properties. If they decide to sell off the properties they may be more valuable with the total rewards license in place.

Re: IP gets a reprieve
 

Harrah's will never sell those properties. And if they did, they will 100% remove any TR functionality. Anyone buying the property will be lucky to even be left with a database, but in this case it's moot. They aren't selling anything in Vegas unless it's the Rio.

Re: IP gets a reprieve
 

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Harrah's will never sell those properties. And if they did, they will 100% remove any TR functionality. Anyone buying the property will be lucky to even be left with a database, but in this case it's moot. They aren't selling anything in Vegas unless it's the Rio.

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Clark - there seems to be two camps at this stage, those who believe all strip facing properties will be sold off for the value of the realestate is greater than the value of the properties, and the camps that believe that Harrah's will maintain the strip properties.

I have also read an article postulating that the #1 asset of Harrah's besides the realestate was the Total rewards program, that there is value in licensing this out to third party operators.

Is it fair to say you think those who are postulating the strip properties will be sold off are probably wrong? Your record has been pretty good so far, I'm interested to hear what you think.

PS: Both sides are buzzing that the Rio will be sold, and often this buzz comes with the WSOP.

Re: IP gets a reprieve
 

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Clark - there seems to be two camps at this stage, those who believe all strip facing properties will be sold off for the value of the realestate is greater than the value of the properties, and the camps that believe that Harrah's will maintain the strip properties.

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Wouldn't a third possibility be for Harrah's to retain the IP site, tear it down and redevelop it as a new resort? Or is there a reason that's not a viable option?

Re: IP gets a reprieve
 

someone told me the reason they haven't torn down the IP yet is because of some sensitive sewer structures underneath it. Any truth to that ?

Re: IP gets a reprieve
 

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Clark - there seems to be two camps at this stage, those who believe all strip facing properties will be sold off for the value of the realestate is greater than the value of the properties, and the camps that believe that Harrah's will maintain the strip properties.

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Wouldn't a third possibility be for Harrah's to retain the IP site, tear it down and redevelop it as a new resort? Or is there a reason that's not a viable option?

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I considered this as part of maintaining the strip properties.

Re: IP gets a reprieve
 

I, too, am waiting to hear what Clark has to say.

I understand that the TR program was highly valued in the Harrahs deal, almost as much as the land value. With everything on the Strip heading off into the ionosphere--as opposed to the Stratosphere--the Harrahs mid-priced properties must be really profitable and have the market sewn up, in case of a business downturn with regard to the luxury houses going up. I wonder how long it will be before we hear of a redevelopment plan, if any?

IP sits right in the middle of the drainage system. When it rains heavily, the water runs right down the driveway. Maybe this is why IP is thought of as the bottom of the barrel.

I love the IP. It gives me the opportunity to run over lots of tourists getting into the front.

Re: IP gets a reprieve
 

and the world's worst buffet

Re: IP gets a reprieve
 

I suspect without the buyout, Harrah's would already have announced some grand scheme for what was happening between Flamingo and Harrah's on the strip. Seems like getting Barbary was the last major piece they needed to put together to launch their own $5 to $10 billion monstrosity.

The buyout totally changes things. New owners. New plans. Revisit everything before you do anything. So I assume this is just a reprieve--an admission that they aren't in a hurry to make huge changes so it's better to go ahead and bring IP more fully into the Harrah's fold.

Re: IP gets a reprieve
 

Yeah, they're very loaded down with debt now. A sell of would quickly clean up their balance sheet quite a bit. I think it's fairly likely because of the HUGE numbers stripfront real estate has been getting (something like $30 million and acre), and the fact that the newly privatized Harrah's doesn't have the capacity to redevelope the site any time in the near future.

Re: IP gets a reprieve
 

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and the world's worst buffet

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someone told me the reason they haven't torn down the IP yet is because of some sensitive sewer structures underneath it.

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Methinks these items are related.


I love the IP for what it is to me- an air-conditioned refuge where I stop for a beverage and a few hands of BJ or one of the myriad Texas Hold Em table games while navigating the east side of the strip. It is never a destination, but I seem to end of there every trip at least a couple of times.

Re: IP gets a reprieve
 

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Harrah's will never sell those properties. And if they did, they will 100% remove any TR functionality. Anyone buying the property will be lucky to even be left with a database, but in this case it's moot. They aren't selling anything in Vegas unless it's the Rio.

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Clark - there seems to be two camps at this stage, those who believe all strip facing properties will be sold off for the value of the realestate is greater than the value of the properties, and the camps that believe that Harrah's will maintain the strip properties.

I have also read an article postulating that the #1 asset of Harrah's besides the realestate was the Total rewards program, that there is value in licensing this out to third party operators.

Is it fair to say you think those who are postulating the strip properties will be sold off are probably wrong? Your record has been pretty good so far, I'm interested to hear what you think.

PS: Both sides are buzzing that the Rio will be sold, and often this buzz comes with the WSOP.

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Assuming that the new owners don't radically change course, I think they will take a wait-and-see approach to the center strip, observe how the Vegas market reacts to the current wave of capacity that is coming, then make a decision from there. They are cash flowing plenty, and there's no rush. It's the obvious and prudent move.

TR is way too much a core part of their competitive advantage. Smaller operaters won't be able to afford it, and I just can't see why they would sell it to any of their direct Vegas competition. I mean, who is their market? I just see zero chance of this. It's a big part of the value of the company, absolutely, but more as a huge part of their edge as opposed to something they could/should monetize.

The Rio will ultimately go is my guess, but given the multiple that was paid for the company and the undeveloped land on the site, it's not like it'll be a fire sale. They'll want at least the same multiple as their implied purchase price plus some sort of absurd per/acre price for their 25 or so undeveloped acres on the site. That's just a big price and it'll likely take some time to find a buyer.

Re: IP gets a reprieve
 

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The Rio will ultimately go is my guess, but given the multiple that was paid for the company and the undeveloped land on the site, it's not like it'll be a fire sale. They'll want at least the same multiple as their implied purchase price plus some sort of absurd per/acre price for their 25 or so undeveloped acres on the site. That's just a big price and it'll likely take some time to find a buyer.

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1st - great post.

2nd - my understanding is that the Rio owns the property facing the highway, which is currently all the buz for future casino development. Your theory sounds very logical.

Re: IP gets a reprieve
 

You can see their site on this link that is in the sticky note for this forum:

http://www.vegastodayandtomorrow.com/condomap.htm

Re: IP gets a reprieve
 

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Harrah's will never sell those properties.

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Harrah's already sold everything. They're owned (or going to be owned) by a private investment group.

Re: IP gets a reprieve
 

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Harrah's will never sell those properties.

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Harrah's already sold everything. They're owned (or going to be owned) by a private investment group.

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Really? Wow. Thanks.

Re: IP gets a reprieve
 

What exactly makes the TR program such a valuable asset in and of itself?

Re: IP gets a reprieve
 

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Harrah's will never sell those properties.

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Harrah's already sold everything. They're owned (or going to be owned) by a private investment group.

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actually, just got pwned.

Re: IP gets a reprieve
 

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What exactly makes the TR program such a valuable asset in and of itself?

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a huge pool of gamblers and large amounts of information about their likes/dislikes and playing habits covering everything from penny slot players to huge baccarat whales

Re: IP gets a reprieve
 

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What exactly makes the TR program such a valuable asset in and of itself?

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a huge pool of gamblers and large amounts of information about their likes/dislikes and playing habits covering everything from penny slot players to huge baccarat whales

[/ QUOTE ] to boxers or briefs?

Re: IP gets a reprieve
 

Everything from Harrah's casino to the Paris is owned by Harrah's (actually I think it will change at the end of the year since I heard they were sold). I'm surprised it took so long to change the IP's slots

Re: IP gets a reprieve
 

hey I was curious about something clarkmeister brought up with regards to all the new hotels coming up in vegas. Do most of you guys think there are enough tourists to fill them all ? Or is this going to drive down prices a fair bit ?

Re: IP gets a reprieve
 

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hey I was curious about something clarkmeister brought up with regards to all the new hotels coming up in vegas. Do most of you guys think there are enough tourists to fill them all ? Or is this going to drive down prices a fair bit ?

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its going to drive prices up in some places, down in others. Over all there are not enough rooms in town at this time, for example 2 weekends ago i tried to get a last minute room for some friends and we struck out - NOTHING.

Re: IP gets a reprieve
 

The last time I stayed at IP, there was a conference with many men dressed up as Santa Claus, roaming around the casino. We stayed in a suite. There was a mirror over the bed. There were two sinks. When the toilet was flushed, the sink in the bathroom and the sink in the "living room" gargled suspiciously.

That was my last time staying at IP - and my last time staying at IP.

Re: IP gets a reprieve
 

You have something against Santa?

Re: IP gets a reprieve
 

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You have something against Santa?

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http://en.wikipedia.org/wiki/Church_Lady

Re: IP gets a reprieve
 

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The last time I stayed at IP, there was a conference with many men dressed up as Santa Claus, roaming around the casino. We stayed in a suite. There was a mirror over the bed. There were two sinks. When the toilet was flushed, the sink in the bathroom and the sink in the "living room" gargled suspiciously.

That was my last time staying at IP - and my last time staying at IP.

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[img]/images/graemlins/confused.gif[/img]
Except for the part about the sink "gargling suspciously" all of those things sound awesome and would definitely make me want to stay there again.

Re: IP gets a reprieve
 

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You have something against Santa?

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You have something against mirrors on the ceiling?

(no pink champagne on ice?)

Re: IP gets a reprieve
 

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hey I was curious about something clarkmeister brought up with regards to all the new hotels coming up in vegas. Do most of you guys think there are enough tourists to fill them all ? Or is this going to drive down prices a fair bit ?

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Yes, there are enough people to fill the rooms and no, they will have no trouble at all raising prices. People are going to want to stay in the newest, bestest, most luxurious hotel/casinos ever built.

And people will want to stay at the Wynn and Bellagio if they drop their prices 5% for the first night's stay.

Last year, during the CES, people stayed in Laughlin and Mequite.

People are going to stay away in droves? I don't think so. Think of Vegas as an enormous, glittery cockroach. It won't be easy to kill.