Vegas report April 2012

[spxChrome]

One of the times were I about blew a gasket was at this one casino the only medium limit games they have is at the bar.  .25, .50, $1.  You can not find a seat for hours because people are putting $5 in sitting and talking all night getting free drinks and playing 1 credit .25 every 15 minutes or so.  They would make $5 last all night and get slammed off the free drinks.    So I am forced to play 1 x $5 credit in the high limit room.  Played for hours maybe got 2 drinks.  After loosing about $2,000 I decide to go to the bar and get a drink.  I ordered a beer and the bartender told me I had to be playing at the bar to get a drink. I told him I just blew 2K in HL and only got 2 drinks and all I wanted was a beer and he just shrugged his shoulders.      

[DaBurglar]

I've stated it before in other threads.....Caesars Entertainment (aka harrahs) is in DEEP DEEP financial doo doo because of MASSIVE corporate debt incurred during the past decade before 2008 when they were gobbling up and expanding and renovating everywhere.   They really over extended themselves and with the huge dropoff in revenues everywhere, they had the bottom fall out, so now they are in desperate shape and are selling off the properties to remain solvent.   Their sheer size is the only reason they are not in bankruptcy (but that may happen if things do not change by the end of this year.)  

[BillyJoe]

I've stated it before in other threads.....Caesars Entertainment (aka harrahs) is in DEEP DEEP financial doo doo because of MASSIVE corporate debt incurred during the past decade before 2008 when they were gobbling up and expanding and renovating everywhere.   They really over extended themselves and with the huge dropoff in revenues everywhere, they had the bottom fall out, so now they are in desperate shape and are selling off the properties to remain solvent.   Their sheer size is the only reason they are not in bankruptcy (but that may happen if things do not change by the end of this year.)
 
 
Gary Loveman, President and CEO of Caesars Entertainment wordwide, was at the Seven Star event in AC last weekend. He proudly named off all of the new casinos that they are opening around the globe, including new plans for one in Boston. They are getting the financing from somewhere.
As far as selling properties, in this gaming market, EVERYTHING is for sale at the right price. I think in AC, he would buy Revel if he could sell Bally's and Showboat.   

[DaBurglar]

Well think about it, what ELSE is Loveman going to say at a festive event like the Seven Star Gala in front of his most ardent customers/gamblers?  Only a idiotic schleprock would stand around and bemoan and acknowledge his corporation's ghastly balance sheet, such as it currently is with bloated (relatively) HIGH interest debt.  As I said, the only thing working in his favor right now is the sheer size of his corporation and the economies of scale he can still bring to bear...... If "Too Big to Fail" applies at all to the gaming (GAMBLING) "Industry", then I suppose Caesars qualifies, but the fact is this:  Their debt load is REALLY REALLY f-ng huge, and if the economy slows down even a little from the level it is at now, Caesars is truly on deadly ground.....and as far as I can tell, and from what the experts are saying, the economy is heading for MORE than just a small drop by the end of 2012.    it is this simple:  Caesars, like everyone else in the period from 2001 thru 2007 got caught up in the headbanging GREED that gripped just about every sector and industry in our economy, so they are not really any better or worse in that respect.....it is just their sheer SIZE is the compelling factor here, and any decision they make or any trauma they undergo impacts MANY MANY more people than other players in this game, save maybe MGM MIRAGE. Oh and one more thing....it is my considered opinion that, by the end of this summer, you will start hearing the alarm bells at the REVEL in AC....the only way for them to meet/exceed profitability REQUIREMENTS (not targets, REQUIREMENTS) is if they substantially swipe a great deal of business from the other properties in AC....there just is NOT enough new or untapped business remaining in the scope of its projected market reach, unless everyone currently gambling in Pennsylvania (and even up in Connecticut) decides to, en masse, start going to Revel twice a month....ain't gonna happen.   And from what I can tell, the establishments in AC (like all the Caesars locales, the Borgatta, Trump and even Resots and the Atlantic club) are agressively marketing to current and past guests to stay and play at their locales.  I personally have recieved about TWICE as many offers as I typically do over the last 2-3 months to stay and play at all the places BESIDES Revel, and this includes a boatload of offers for free slot/vp play, free rooms and all the food even someone like Jabba the Hutt could possibly want to eat in a given period of time. No way is Revel going to be able to sustain its "high end" position of charging 250-300 bucks during Midweek for rooms....and offering premium players at other places the chance to switch to their card program incurs a lot of initial cost and is reliant upon the players not just cashing in on the program and then going back to their old favorites once the benefits run out.  Revel just does not have anything that good or new or unique to thrive, or even to survive in this market.   Just my opinion.....

[edog743]

Hey Burglar  what the hell is a  schleprock?

[DaBurglar]

Hey Burglar  what the hell is a  schleprock?
 LOL! Well, everyone is familar with "schlep", but a SCHLEPROCK is the Flintstones cultural equivalent.....in the early 1970s there was a Flintstones spinoff called Pebbles and Bam bam, where a group of teens centered around Pebbles Flintstone and Bam Bam Rubble got into various teen adventures ... Schleprock was their No-luck, depressed, lovable loser friend who always saw the negative and always pointed it out.   He had a cloud with a thunder and lightning action following him around, and everything he touched truned to Sheeeeeet.    His signature line was "Wowzie wowzie woo woo" whenever bad luck reared its ugly head and ruined whatever endeavor the kids were involved with.... Got it?? Gary Loveman is a pudgy grownup version of Schleprock

[edog743]

Got it