From the mailbag

It’s but 9:07 a.m. and two big pieces of news have fallen over the cyber-transom. An S&G reader informs me that leaderless Greektown Casino will have new — and good — management soon, in the form of a GM who’s well regarded in the California tribal-casino market. Next to Foxwoods Resort Casino, Greektown is described as the second-worst-run in the U.S., particularly in terms of management’s (in)ability to maximize drop and hold percentages. Despite a remarkably propitious location, Greektown is never able to get out of distant third place in the Detroit market.

Also, I’m hearing that the Caesars Entertainment IPO would have cost the company almost twice as much money as it engendered. (And when your finances are in the toilet, is changing the name of Harrah’s Entertainment the highest and best use of one’s precious capital?) Now that it’s bust, word is that “another round of cost cutting” is said to be the company’s fate. Rumoredly on the chopping block are jobs, big surprise, followed closely by video poker players and their fiendish point accruals — supposedly being scapegoated for the company’s anemic financial performance. Apparently Caesars had been loosening up on the promotional allowances, too … until the stock offering went south.

Of course, you can forget about maintenance. Some of those Caesars places don’t look like they’ve seen a dime’s worth of it since Gary Loveman took over and — with former flagship The Rio now being repositioned as a locals property — don’t expect that to change. Although it would be awful nice if it did.