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Posted At : December 3, 2008 04:34 PM | Posted By : D McKee
Related Categories:
International,Pennsylvania,Stanley Ho,Harrah's,Penn National
Harrah's Entertainment Vice Chairman Charles Atwood is calling it a day. His stated reason for leaving -- to pursue philanthropic activities -- is the same one given by J. Terrence Lanni when he abruptly left MGM Mirage (after giving Kirk Kerkorian less than 24 hours' notice). But since Atwood isn't departing for another 10 days -- and apparently was beseeched by CEO Gary Loveman to stay on last January, for what proved to be one more year -- there's no reason to believe Atwood's departure is anything but on the up and up.
That said, Atwood is choosing a prudent time to step off the deck of the sinking Harrah's ship. A ways back, I asked if it was too soon to call for Loveman's resignation. Upon reflection I've decided that, no, it's too late. Much too late. Any successor would simply find him/herself rearranging deck chairs on the R.M.S. Titanic.
Remember Baha Mar? The lawsuit against Harrah's, filed after a resort project in the Bahamas turned turtle has been unsealed. It accuses the company and an affiliate of "secretly and improperly plotting to delay or pull out of the project and ... avoid contributing their $212 million share of equity." This promises to be juicy.
Money for nothing. It could be worse. You could be Penn National, which faces the best-case scenario of being out $5.5 million in free slot play, plus $770,000 in free buffets. See, this is what happens when you farm out your direct-mail marketing. An offer intended for 1,000 patrons was mistakenly mailed to 55,000 -- and they want their MTV, metaphorically speaking. If Penn -- which self-reported the goof to authorities -- is held to the full terms of the offer, it could be on the hook for a $29 million promotional allowance. Oy! If you're a recipient of the offer, the number to call is (717) 469-2211 to see if you can make a deal.
Life's good. If you're one Stanley Ho and can afford to spend $530,000 on truffles and tubers. Those better be some mighty good veggies. Then again, Dr. Ho -- who has proven Sheldon Adelson's (and my) reports of his imminent business demise to be greatly exaggerated -- surely knows that revenge is dish best eaten cold. With truffles. Cheers, Stan.
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