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Posted At : January 12, 2009 03:02 PM | Posted By : D McKee
Related Categories:
MGM Mirage,Economy,Harrah's,Current,The Strip,Boyd Gaming,Sheldon Adelson
Wait 'til the sun shines, Caesar.
Every so often there's a news story to which the only appropriate response is, "Holy shit!" Then again, it wasn't so long ago on the Vegas Gang that Jeff Simpson was reporting finding whole floors of Caesars Palace's prime real estate, its Augustus Tower, locked down. Harrah's Entertainment's decision to summarily pull the plug on the Octavius Tower is disturbing in one sense, as this will be the third stuck-in-the-mud project on the Strip (joining Echelon and the St. Regis). At least MGM Mirage is finishing the exterior of The Harmon before putting it onto the back burner.
(Update: Harrah's Jacqueline Peterson says, "The exterior will be finished.")
Then again, if the best rooms at Caesars are going unsold, Harrah's is hardly to be chided for choosing not to throw more money into a hotel tower that could easily be more of a liability than an asset, had it opened on schedule.
The ABC affiliate (WLOS 13) in Asheville, NC, just reported that Harrahs Cherokee has asked its managers to find a 5 percent personnel reduction. WLOS reported that would be about 100 jobs. Apparently, the company wants employees to voluntarily leave. If they don't volunteer, management will do the picking itself. Anyway, WLOS reporters didn't say what this all means for the ongoing expansion project at Harrahs Cherokee.
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