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Posted At : July 18, 2008 11:25 AM | Posted By : D McKee
Related Categories:
Station Casinos,Politics,Harrah's,Current,Isle of Capri,Wall Street
Last weekend, I was out at Lake Las Vegas -- as were precious few other people. So this sad news didn't come as a great surprise. (This report doesn't offer a lot of hard facts but it's generous with labored metaphors.) The official press release makes it sound like LLV has fallen behind on its maintenance, too.
Given the struggles faced over the years on the casino, hotel and residential fronts (including the Ritz-Carlton whose owner can't find any buyers), this add-water-and-stir attempt to force a resort community into existence is probably going to enter the history books as a failed experiment.
Harrah's debt took a whack yesterday from Moody's Investment Services, which lowered its rating on bonds it deemed "already weak." At least Moody's hasn't put Harrah's into the "Not Worth the Paper on Which It's Printed" category. (Yet.)
Was there ever a good rationale for the Harrah's LBO other than that a couple of private equity funds were momentarily flush with borrowing capacity and didn't know where to park it? Was it a case of "use it or lose it"? If so, they used it and now Harrah's is losing it.
With all due respect to Nevada's congressional delegation, it's full of it with regard to its opposition to a bill that would legalize and tax Internet gambling. (Which we should have been doing with regard to narcotics and prostitution long ago. There. I've said it. I feel better now.) Rep. Jon Porter (R-Nev.) hasn't a clue under the best of circumstances but it's particularly discomfiting to see Rep. Shelley Berkley (R-Nev.) still carrying water for the American Gaming Association's lame proposal for a one-year taxpayer-funded study of Internet gambling, which would presumably provide cover for politicians who'd like to legitimize Internet gambling but don't yet have the cojones. Not on my dime, thank you.
Rep. Jim McDermott (D-Wash.) has it right when he says, "My experience has been that, generally, studies are a way of wasting a year." Would anybody like to revisit the farcical, didn't-accomplish-a-thing dog-and-pony show that was the Clinton administration's contribution to the national gambling debate? Didn't think so.
Good news, guys! It's true, Salma Hayek's single again. Well ... we can dream, can't we?
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