“Loveman said there is “no scenario that makes any sense to us” that would put Caesars through a court-administered reorganization. “These same people have been predicting the bankruptcy of the company since 2009,” Loveman said. “So far, they have been unsuccessful in having that prediction made accurate.” — Caesars Entertainment CEO Gary Loveman, in a Nov. 16, 2013 profile by Howard Stutz.
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It’s troubling that this guy isn’t out of a job.
Caesars finally declares bankruptcy so now the question is will they be forced to sell any of their Las Vegas properties. Caesars own properties on the east side of the Strip from Planet Hollywood all the way down to Harrahs.
So it is possible that Caesars would sell both Planet Hollywood and Harrahs because they are both on the end of their conglomeration of casinos on the east side of the Strip.
Now Planet Hollywood is a lot newer, has better restaurants and has larger rooms than Harrahs so Phil Ruffin might be interested. He has the cash on hand so maybe he buys Planet Hollywood for $650 million to $700 million dollars.
Then there is Harrah’s. An older casino with 2,500 rooms centrally located on the Strip. If someone offers around $450 million dollars or so maybe Harrahs gets sold.
This will be interesting because you would assume some regional casino operators might be interested in buying a Strip casino at a discounted price.