Two Plus Two Publishing LLC Two Plus Two Publishing LLC
 

Go Back   Two Plus Two Poker Forums > General Poker Discussion > News, Views, and Gossip

Notices

News, Views, and Gossip For poker news, views, and gossip

Reply
 
Thread Tools Display Modes
Old 07-23-2010, 12:30 AM   #1
old hand
 
Join Date: Aug 2009
Posts: 1,552
Harrah's is in trouble...

Moody’s: The Only Hope for Harrah’s is an IPO

http://www.pehub.com/77982/moodys-th...ahs-is-an-ipo/
wubbie412 is offline   Reply With Quote
Old 07-23-2010, 12:47 AM   #2
banned
 
GamblingMan's Avatar
 
Join Date: Jun 2009
Location: I am back Bitches
Posts: 823
Re: Harrah is in trouble...

Quote:
Originally Posted by wubbie412 View Post
Moody’s: The Only Hope for Harrah’s is an IPO

http://www.pehub.com/77982/moodys-th...ahs-is-an-ipo/
Didnt realize they were having trouble, Kinda boggles my mind how these casino companies struggle - they know exactly how much there going to make simply by what is being wagered, IE for every 100 bucks wagered they know exactly what there take will be - so how the hell can you **** that up, dont overforecast and your fine. simple game imo
GamblingMan is offline   Reply With Quote
Old 07-23-2010, 12:55 AM   #3
veteran
 
Join Date: Sep 2006
Posts: 3,372
Re: Harrah is in trouble...

Quote:
Originally Posted by GamblingMan View Post
Didnt realize they were having trouble, Kinda boggles my mind how these casino companies struggle - they know exactly how much there going to make simply by what is being wagered, IE for every 100 bucks wagered they know exactly what there take will be - so how the hell can you **** that up, dont overforecast and your fine. simple game imo
Overexpand? They're not just in the gambling business, they're also in the resort business. When you take out billions to build a hotel in the red-hot real estate market that goes empty, you can sink pretty quickly.
Dima2000123 is offline   Reply With Quote
Old 07-23-2010, 12:58 AM   #4
centurion
 
Tom Peters's Avatar
 
Join Date: Feb 2010
Location: Jefferton
Posts: 124
Re: Harrah is in trouble...

So what happens when the recession goes double dip and harrahs declares bankruptcy. Still a november 9?
Tom Peters is offline   Reply With Quote
Old 07-23-2010, 01:14 AM   #5
adept
 
Join Date: Jun 2008
Posts: 971
Re: Harrah is in trouble...

Quote:
Originally Posted by Tom Peters View Post
So what happens when the recession goes double dip and harrahs declares bankruptcy. Still a november 9?
The WSOP brand is a tiny fraction of the Harrah's Corp. Harrah's only option is an IPO but in this economy and their very poor balance sheet an IPO would have dismal results.
PokerFan2008 is offline   Reply With Quote
Old 07-23-2010, 01:16 AM   #6
old hand
 
Join Date: Nov 2007
Posts: 1,686
Re: Harrah is in trouble...

"the company’s annual interest burden consumes around 90% of property income"

lolz


"There's no way a smart person can go broke except through borrowed money. All borrowed money does is, it may help you get it a little faster, but it can help you get poorer a whole lot faster."

- Warren Buffett
ShipDaSherb is offline   Reply With Quote
Old 07-23-2010, 01:18 AM   #7
centurion
 
Join Date: Apr 2008
Posts: 129
Re: Harrah is in trouble...

Meanwhile, the fat ass running the place is making multiple millions every year so he can feed his face at El Pollo Loco and In and Out Burger.

They can take their IPO and stick it. Its a joke of a place, and their sportsbook should just quit with all their silly rules too.
hendersonpokerguy is offline   Reply With Quote
Old 07-23-2010, 01:22 AM   #8
Carpal \'Tunnel
 
Join Date: Oct 2002
Location: @Kevmath
Posts: 27,916
Re: Harrah is in trouble...

They've been restructuring debt for some time now, and they will be publicly traded again in a few months:

http://www.bloomberg.com/news/2010-0...-offering.html
Kevmath is offline   Reply With Quote
Old 07-23-2010, 01:23 AM   #9
banned
 
Join Date: Oct 2005
Posts: 421
Re: Harrah is in trouble...

All of Harrahs properties are basically crap. They deserve to go broke.
Jobless23 is offline   Reply With Quote
Old 07-23-2010, 01:26 AM   #10
adept
 
JustifiableCause's Avatar
 
Join Date: Nov 2008
Location: Sweet New England
Posts: 1,122
Re: Harrah is in trouble...

They need another Wantanbe to blow 200 mill+
JustifiableCause is offline   Reply With Quote
Old 07-23-2010, 01:26 AM   #11
grinder
 
Join Date: Jul 2009
Location: near las vegas
Posts: 554
Re: Harrah is in trouble...

its all about debt. the apollo group bought harrahs at the high of the market and created about 28 billion dollars of debt. not a good situation. many of the properties are getting run down and dirty looking because of the cost cutting. i was at caesars sports book a month ago and was appalled at the torn leather on many of the chairs. this is not a good sign for such a premier property. mgm is not in much better shape with the debt of citicenter. they basically bet the company on citicenter. lots of times big egos get in the way of big deals. say what you want about steve wynn his financing is always in place before the shovel goes into the ground. lvs stock and wynn stock are excellent buys. forget apollo group and mgm. only the top execs will reap large profits. tk
bigtonyk1234 is offline   Reply With Quote
Old 07-23-2010, 01:33 AM   #12
Lowest Common Nominator
 
Albino Lord's Avatar
 
Join Date: Jul 2007
Posts: 1,542
Re: Harrah is in trouble...

The mafia would have never had this problem. Perhaps Harrahs should hire them as consultants. Never mind, they can't afford it.
Albino Lord is offline   Reply With Quote
Old 07-23-2010, 01:36 AM   #13
Pooh-Bah
 
salesbeast's Avatar
 
Join Date: Aug 2007
Location: It's Problem
Posts: 4,864
Re: Harrah is in trouble...

Quote:
Originally Posted by bigtonyk1234 View Post
its all about debt. the apollo group bought harrahs at the high of the market and created about 28 billion dollars of debt. not a good situation. many of the properties are getting run down and dirty looking because of the cost cutting. i was at caesars sports book a month ago and was appalled at the torn leather on many of the chairs. this is not a good sign for such a premier property. mgm is not in much better shape with the debt of citicenter. they basically bet the company on citicenter. lots of times big egos get in the way of big deals. say what you want about steve wynn his financing is always in place before the shovel goes into the ground. lvs stock and wynn stock are excellent buys. forget apollo group and mgm. only the top execs will reap large profits. tk
I agree with this as I stayed in the 'New" Westgate towers last trip and all thoughthe room was killer the service sucked ballz! Room service closed at 10pm elevators that where broken and all they did was stay open with that annoying bell and wind tunnel sound..maids that never semed to come...yadda yadda.
salesbeast is offline   Reply With Quote
Old 07-23-2010, 01:42 AM   #14
newbie
 
Join Date: Jul 2010
Posts: 34
Re: Harrah is in trouble...

Harrahs blows, venetian is way better
Chronic Offender is offline   Reply With Quote
Old 07-23-2010, 02:13 AM   #15
grinder
 
Join Date: Oct 2008
Posts: 672
Re: Harrah is in trouble...

i thought the house always wins?
prescottburgess is offline   Reply With Quote

Reply
      

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off




All times are GMT -4. The time now is 02:52 AM.


Powered by vBulletin®
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.
Copyright © 2008-2010, Two Plus Two Interactive