Harrah's post-buyout?

[Cactus Jack]

Dr. Pauly's blog indicates he's bearish on Harrah's future after the buyout. I am, too. Three executives leaving shortly after accepting the offer makes one wonder.

Harrah's has to do something, doesn't it? None of its properties can compete with the Wynns, Bellagios, Venetians, and the upcoming City Center and Eschelon Place. None are new. Some are getting kind of ratty. Even the flagship Caesar's somehow feels second rate.

The company has enormous land holdings, which are worth billions. It will take billions to develop properties which almost triples the size of CC and Eschelon. With new owners more famous for cutting then selling.

What do you all think? Even more important, what will be the impact on the WSOP???

[magoo]

Harrah's is a predator capitalist obscenity. The SEC should be breaking apart that bloodsucker, rather than having allowed it to be sold.

[redfisher]

OK. Harrah's hates poker. Their rake/juice are the worst in the industry. They're killing the WSOP as an event for non-internet players.

As far as Harrah's in Vegas, they'll do fine. They are the industry leader in bringing in slot jockeys. All the high end stuff you mentioned wishes they were Harrah's.

[that_pope]

They recently purchased Barbary Coast, so look for a mega casino to go into the Barbary/Flamingo(I can only hope)/Imperial Palace area in the next 10 years.

[bav]

[ QUOTE ]
They recently purchased Barbary Coast, so look for a mega casino to go into the Barbary/Flamingo(I can only hope)/Imperial Palace area in the next 10 years.

[/ QUOTE ]

They own that whole block, plus gobs of land behind, and land even on the other side of Koval in that block. Yes, clearly something big is gonna happen. Eventually.

But the buyout seems likely to postpone this. Heck...Paris had plans to build a real poker room that have supposedly been postponed or cancelled because of the buyout--no new major expenditures allowed for now. If they can't do a poker room, are they going to go ahead with plans to implode Barbary and IP and whatever else?

So I suspect the buyout will at least delay things. But whether the new private owners have in mind to do even grander and more spectacular things, or just hunker down and do as little as they can for a few years while cutting costs as much as possible to maximize short-term profit, I dunno.

[Paul Levy]

[ QUOTE ]

Even the flagship Caesar's somehow feels second rate.
...
What do you all think? Even more important, what will be the impact on the WSOP???

[/ QUOTE ]

While I agree that other Harrah's properties are low-profile, I'm a very big fan of Caesar's. I've visited only once (last July) and surely might have got worse since then, but I remember being amazed at how a 40yrs old property could be so great.
I'm planning a poker trip to lv for the beginning of april and I'm thinking of where to stay (with a poker room rate), and at the moment it's a very close call between Caesar's and Venetian.

About the WSOP: I don't think we have to worry at all. The WSOP brand is a very good asset, which has skyrocketed in value since they bought it. The corporate raiders might be ugly and evil but they're not stupid, and they'd rather sell the asset then let it deteriorate and go downhill.
And if they sell, who cares? It will take place at some other property than the Rio, and that's it.

[pig4bill]

[ QUOTE ]
While I agree that other Harrah's properties are low-profile, I'm a very big fan of Caesar's. I've visited only once (last July) and surely might have got worse since then, but I remember being amazed at how a 40yrs old property could be so great.

[/ QUOTE ]

Well, most of it wasn't there 40 years ago. It had a huge expansion in the 90's and then another one a few years ago. It's probably four or five times the size it was when I first visited it in the 70's.