The only downside is that another “goodwill” writedown seems to be looming on the horizon. If $1.2 billion in debt equals a 15.6% share of Harrah’s, what does that imply about the total value of a company that went private for nearly $31 billion two years ago? Let’s pass the hat, offer $5 billion (and change) for the other five-sixths of Harrah’s and see what answer we get.<\/p>\n
![\"\"](\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/06\/DSCN20021.jpg\" "\\"DSCN2002\\"")
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Trop struggling<\/strong>. It’s disheartening to see Alex Yemenidjian<\/strong> and his lieutenants doing almost all the right things at the Tropicana Las Vegas<\/strong>, only to be rewarded with a 44% revenue decline<\/a> for 1Q10. Predecessor Tropicana Entertainment<\/strong> didn’t do jack to promote or improve the place and still posted higher revenues. Given that Onex Corp<\/strong>.’s rolling renovation of the property has meant taking 25% of the hotel rooms offline and considerably disrupted the casino floor, I can accept management’s explanation that it accounts for the 34% room-revenue plunge (that, and a saturated market) and perhaps for the 35% fall in gambling dollars. As for the shocking 53% declivity in F&B revs, even after the makeover, the Trop’s restaurant offerings are few and pretty “blah” at that. At least the buffet is gone, never to return. Gawd, that thing was terrible.<\/p>\n Years of living dangerously<\/strong>. Those who forget history are doomed to repeat it — like the Seminole Tribe<\/strong>. Having caught several high-ranking Seminoles with their fingers in the till, the National Indian Gaming Commission<\/strong> is contemplating penalties. The commission could do what neither legislators, gambling opponents nor private-sector racinos could: force the closing of two Seminole-owned casinos<\/a>. Given the extent of the Seminoles’ expansionist tendencies, including that of the Hard Rock<\/strong> brand, this is a heckuva time to be nabbed with one’s hand in the cookie jar.<\/p>\n Exiled to OK City<\/strong>. It looks like at least some of Columbia Sussex<\/strong>‘s casino bosses are being purged or are fleeing from Carl Icahn<\/strong>‘s takeover of Tropicana Entertainment<\/strong>. Former River Palms<\/strong>\/Tropicana Express Laughlin<\/strong> GM Tom Russell<\/strong> has relocated to an Oklahoma City<\/strong> outpost of the ColSux empire<\/a>. Russell may be out of the casino biz but he’s also out of Laughlin, too, so he’s definitely “trading up,” way up.<\/p>\n","protected":false},"excerpt":{"rendered":" But not in the way you might think … Harrah’s Entertainment is $557 million richer — which effectively amortizes the Planet Hollywood deal — after the swap of a 16% ownership stake to three investment firms for $1.2 billion in … Continue reading