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Illinois: No country for big casinos
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Nevada: The Stupid State
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They burned the Monte Carlo ... and may get away with it
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Nevada: The Stupid State
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They burned the Monte Carlo ... and may get away with it
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Posted At : March 5, 2009 12:10 PM | Posted By : D McKee
Related Categories:
Wall Street,Neil Bluhm,Harrah's,The Strip,Labor,Illinois
Details of Harrah's Entertainment's newest distressed-debt buyout are beginning to emerge. According to CNBC, the company intends to issue $2.8 billion worth of lower value/higher interest notes that will mature in nine years' time. And, if you get in on the ground floor (i.e., by March 18), you can convert your Harrah's debt at three cents on the dollar.
What's not to love?
Hail Mary pass in Illinois: Casinos in the Land of Lincoln are in such a world of hurt that comped drinks seems like a no-brainer and long overdue. We'll see if legislators give a fig or are content to let the riverboats keep sinking.
Raises at Falls: After gritting out a lean 2008, employees at Neil Bluhm-run Casino Niagara and Niagara Fallsview Casino Resort will receive raises and bonuses. While it's being speculated that this is management's "thank you" to workers for not unionizing, it would be a move worth emulating at the likes of Wynn Resorts, Harrah's, Station Casinos, ACEP, etc., when they emerge on the other side of the recession.
Skank Barbie: She'd fit right in with the Las Vegas nightclub scene. All that's missing is a Ken doll outfitted in Christian Audigier duds.
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