Time Magazine, no less, has designated the LBO of Harrah’s Entertainment by Texas Pacific Group and Apollo (Mis)Management the third-worst business deal of 2008. Harrah’s CEO Gary Loveman sought out this deal — and these particular buyers — out at a time when it made precious little economic sense, so I guess he earns sole possession of this “award,” having been the architect of the debacle. Those of us who were skeptical from Day One get a small measure of vindication to keep us warm on a day when the snowfall in Las Vegas is so heavy that I can’t even see Harrah’s The Rio, two blocks distant, from my office window.
Way to extend that brand! Moving from triumph to triumph, Harrah’s has found a way to perfume the pig that is its $578 million golf course in Macao. It is now Caesars Golf Macau (y’know, for when Total Rewards members get a sudden golfing jones that can only be sated via a trans-Pacific commute). Yup, Harrah’s sure is getting every inch of mileage out of its Caesars brand … if you mean frequent-flier mileage, that is. At least Harrah’s is maintaining its investment, not proposing to abandon it to the rough mercies of Mother Nature, like some.
Criss Angel goes to Disneyland, Hefbot in tow. Isn’t that special?
Speaking of Mr. Angel (if we must), it’s conventional wisdom to the nth power that Vegas isn’t going to make it as “Broadway West.” Of course not. If Cirque du Soleil opened an $85 million headliner show on the Great White Way to terrible reviews and — if possible — even worse word of mouth, we’d be talking about Believe very much in the past tense. Heck, it probably would closed after one performance, and all the king’s “fixations” and all the king’s clowns couldn’t have put it back together again. So producers of half-assed shows like Fuego Raw Talent Live ought to thank their lucky stars they’re not on Broadway West.
