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Posted At : December 16, 2008 11:22 AM | Posted By : D McKee
Related Categories:
Station Casinos,James Packer,Harrah's,MGM Mirage,Herbst Gaming,Isle of Capri,Wall Street
James Packer can kiss $414 million goodbye, according to a Citigroup analyst who writes that Crown Ltd.'s ownership stakes in Station Casinos and Harrah's Entertainment are now "worthless." That's according to a Sydney Morning Herald story picked up by the Las Vegas Review-Journal. (The R-J needs to retitle its "Business Matter" blog "Gaming & Tourism," because the rest of its business desk isn't doing squat, blog-wise.)
Harrah's, Station, Isle of Capri Casinos and a few others are in the situation faced by the submariners of Das Boot. Their U-boats are stuck in a crash drive, headed for the bottom of the Straits of Gibraltar and nearing "crush depth." Those three have got some time but Herbst Gaming is probably hearing the hull plates crumpling right about now. Whoever believed that three mostly rundown Primm Valley casinos were worth $131 million apiece (on top of an undigested $119 million Sands Regent acquisition, to boot) certainly ought to be shot out the nearest torpedo tube.
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