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Posted At : March 6, 2009 12:02 PM | Posted By : D McKee
Related Categories:
MGM Mirage,Harrah's,Herbst Gaming,Wall Street
He may live by the sea but he appears to have been moonlighting at Harrah's Entertainment, with an assist from his special friend, the Goodwill Fairy, bearer of a gargantuan, $5.5 billion writedown. As it's explained in the Las Vegas Sun, that preliminary 4Q08 statement comes off like a lot of smoke and mirrors -- and Harrah's is under the cone of silence, due to its current buyback offer.
I've been beavering away on this most of the morning, trying to get a better handle on it and some of the mystic accounting incantations so beloved by Wall Street. But a pressing project means I'll have to stash my unsatisfied curiosity until next week. However, in light of Herbst Gaming's 100% write-off of the "goodwill" associated with its purchase of three raggle-taggle Primm casinos from MGM Mirage, that term has been known to perform double-duty as a nice, face-saving eupehmism for, "We got hosed on that deal, didn't we?"
I can definitively state that the "goodwill" associated with S&G is precisely $0.00 US, because that's how much we paid to acquire the name. Sadly, it also means we can't write it off on our taxes this year. Drat!
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