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Texas Pacific Group, one of the private equity owners of Harrah's Entertainment in Las Vegas, is accumulating debt in the Palms resort, according to a story published Wednesday by Debtwire, a publication of the Financial Times. Citing unnamed sources, the publication said TPG had acquired a piece of the Palms' $380 million bank debt. It also said Palms' EBITDA – a commonly-used profit indicator – fell to $12 million this year amid the recession from about $70 million two years ago. The Palms is restructuring its debt and the Maloof family, which owns the Palms, is in the process of selling its beer distribution business in New Mexico for $100 million, the publication said. The Palms loans are privately-held but can be traded among investors. Palms owner George Maloof declined comment on the story and declined to discuss his resort's financing other than to say the business was on solid ground.
Full Story Here.
Maybe they should stop playing huge amounts at the blackjack tables at the Stratosphere. Also stop your sports betting at the Strat. Yeah I saw you last week after the democratic party Gavin!!! Don't let this propertyfall into harrahs as well!!!
With the PH deal complete, it didn't take long for Harrah$ to look for the next elbow to start twisting.
Let them buy up everything & then just let the whole town go to crap.
And the gaming commission will for sure approve this deal as well.
When will this end?
wtf going on to this city with casino. it was much better when the mob was taking care of this city. RIP las wages
Anyone reading this AVOID and BOYCOTT all Harrahs properties. This company is the reason why the service and quality of Vegas is in the $hitter! If this god awful company company takes control of Palms LV is done for. HARRAHS SUCKS! Hands down. Absolutely nothing good at all about this company!
heres another mostly "local joint" that doesn't really want locals. For instance--a couple times while out late at night with my girl--we stopped in the palms to look around and play a little---Most of the games were $15 dollars on a Monday or tuesday--what are you thinking in that SH. And the dealers treat you like a total flea for buying in for only a few hundred bucks. This is the poster child for what is wrong with these "local joints" and why no one is playing in them. If you treated the locals right--you would be jammed pack and make more tips than the strip joints because most of us always tip something if we play. We ate their one time--and got treated poorly and the food was average and thats the last time we were in there. I did notice both times that they're was a bunch of drunk 20 somethings always making a bunch of noise each time and being disgusting while I was there--another reason never to go back! Seems that this is the customer they were targeting. And the condos--haha--Every time i read about that they were pumping how great everything was and how they were all 90% "sold"---guess that was all bs also--what a surprise.
mrlucky :
the current hotel/casino structure here in Las Vegas is going to collapse under it's own weight and the stupidity of management. We need real gambling prowess at the helm of these companies to understand why they are faltering before they can even begin to make the business corrections to become profitable again. For now greed and utter incompetence are the operating standards.
wizardofoz,
I didnt know that part of doing business in Las Vegas, there was a rule that companies had to notify Las Vegans of any transactions done out of Nevada. These companies have a responsibility to their investors and shareholders to earn a profit.
Don't know why Harrahs would want to have anything with the south Central Los Angelas Getto Palms. All you find there is Pimps, Hoes, drug dealers and wanna b rappers. Oh ya O.J. was arrested there too. Last time I went in there I felt like i was in a 3rd world country. Well look at the owners. Need I say more.
If Harrahs is so bad then why were they the only gaming company to turn a profit last quarter? $295 million at that!! They must be doing something right. Yeah, so they laid off workers and stopped the 401k. To keep a company profitable you have to adjust to the times. Now they are buying up other casinos who didn't have the business savvy to do the same. After they position themselves for even bigger profits then I am sure they will restore whatever they stopped for their employees. They have rehired a good percentage of workers that were laid off at some of their properties and brought back some food items to the EDR. The only negative comments on this blog are coming from people who have lost money at a Harrahs joint or got fired because they were incompetant workers.....
denver21 - You don't know what you're talking about. Work for Harrah's "Entertainment", then tell me how great they are. IF you work at any of their properties, you must be upper management. "They brought back 'some' food items to the EDR"! Oooooh, isn't that special? What they had in the past was garbage and it didn't get any better, even when they shut down 90% of the EDR. It's a wonder more people don't sue them for getting sick on their food, EDR or their restaurants! It happens more than you know. Harrah's treats their guests like crap (runs out of towels, pillows, blankets, rollaways, refrigerators and cribs on weekends) and treats their employees like crap (what are they threatening them with TODAY, who knows, the rules change daily). You should keep quiet unless you know what you're talking about, which you do not!
The Gaming Commission is bought and paid for like everyone else by the NRA. Harrah's is the biggest s&#t company ever to work for. They have run Caesars Palace into the ground. Yes, they are turning a profit at the expense of Nevada working people. All of the money leaves here and goes to the upper management as usual. They want to take, take and take claiming revenues are down but yet they can go out and buy up everything else at a discounted price. This company is the Walmart of gaming. No one that works for them is happy with them unless you are in the upper echelon. Unless, you work for this company then you have no idea. Denver ...you must be one of the upper management or TJ or GL. Harrah's sucks. They have more grievances against them than most of the other casinos combined. They have no qualms about breaking the law, keeping their customers intoxicated so they can suck the life blood out of them and then filing charges to get their money. They let the customers verbally abuse the staff, they have complaints filed against them at the EEOC for discrimination and more are coming. They are union busters! Their clientele is pimps, hos and drunks, and obnoxious customers so Palms should fit right into their agenda if that is their clientele.They blatantly lie to the press! They blatantly break the laws of this state! Look at the majority of the posts anytime Harrah's is in the news. Negative! Nevada and Las Vegas needs to get a grip on these corporations. Oh wait, theres only two left!!!!
So let me get this straight, anytime there is a press release about Wynn all the comments say is that Steve Wynn is the WORST human being on the face of the earth don't patronize his casinos. When MGM has a story they are the WORST company to work for and City Center is a big joke, don't patronize there casinos . When Harrahs has a press release they are the WORST company to work for, don't patronize there casinos. When there is a Stations press release they are the WORST company to work for, don't patronize there casinos. So, if I am looking to get into the gaming industry or I just want to vacation there and I read all these comments about the awful companies there, where should I stay or work?
You should work for a tech company that treats their employees like an asset: such as Google and stay at home! You could get food poisoning or bed bugs at these properties today. Lack of cleaning staff, food made in one location and transported around, linens not changed and I could go on and on!
and they complain they paid to much in taxes. but they have enough to buy casino. F*** corporate casino they make me sick. hey denver look on dean martin drive i 15 and russell there are hampton inn and other type living arrangement they are brand new. local please don't support strip casino
Will I be able to use my Harrahs card at the Palms?? I still do not know if I can use it at Planet hollywood.
denver21 Just wait four more years when the bond payments come due on all of the massive debt they have accumulated. Wall Street does not agree with you when it comes to short term profits at Harrahs, it is temporary, as a matter of fact the institutional bankers are waiting for the lights to go out at Harrahs. By the way Harrahs has junk properties ran by frauds like Loveman,Batjer and the idiot Jan Jones. You are wrong and soon Harrahs will fall.
this still does not answer my qquestion.
Will I be able to use my Harrahs card at the Palms.
Ps: I heard through the grapevine that the Casino
Royale is buying the Venetian.
Monopoly, plan and simple.
Answer...just don't patronize Harrahs. The last time I was at Harrahs, I had to park in their garage so I could go elswhere.
Agree about not patronizing Harrahs. The problem is that everything is becoming Harrahs. It used to be that if you went to IP, the Flamingo, Caesars, etc that you felt you you were going to different places. Now, they all feel like Harrahs. A lot of folks are not coming here any more because of that. For those who don't mind it doesn't matter much except that for all those who do mind it's just that much less reason to go/come to Vegas. If you have a bad experience at a restaurant you stop going to it and go someplace else. Just wait until the the New York Times or some such thing talks about the odds changing in Vegas because of Harrahs. Then watch what happens.
Just returned from annual 10K week in LV (past 11 yrs) Elected to stay at the Nuggett downtown after truly aggravating strip experiences since Harrah's strip swallow activity the past few years. While Steve Wynn's expansion efforts have proven tolerable, the bigger is better mentality is prevailing accross the board on the strip and is destroying it's lure. As the Palms is ripe for the pickin - it fits right into the Harrah's true clientele profile. The destination gaming industry is cutting it's own throat by blessing the demise of this destination's culture by the corporate power plays. Vegas off the book for next year - Just not what it used to be.
irishfighter - you have it correct, Harrah's IS "the Walmart of gaming" (and hotel management). If people really knew what goes on back of the house, they'd never visit another Harrah's property! I wouldn't mind the entire Las Vegas strip imploding just to get rid of the Harrah's vermin. They truly are ruining this entire city.
@moogie and Irishfighter
You guys pretty much nailed it on the head. I'm a current employee of Harrah's New Orleans and i can tell you with absolute certainty that this place SUCKS!! The guests can pretty much treat you like garbage and they're always right, you are encouaged to do everything except put out in order to make the guest feel "happy" (like forced smiles 24/7) and the management staff is run by micromanaging corporate prima donnas who view their workers as livestock to be poked and prodded for profit. Supervisors are constantly out the door for sexual harassment and other dumb krap. The upper management even cancelled pay raises because of the "tough times" but in reality it's just an excuse for them to skinflint even more. I hate this company with a nuclear fueled passion and i cant wait to get the hell out!! HARRAH'S SUCKS!