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A bankruptcy judge overseeing Caesars bankruptcy approved the sale of Harrah's Tunica to TJM Properties, the same corporation that bought the Atlantic Club in Atlantic City. Purchase price of Harrah's Tunica, 3 million dollars. Cost to build Harrah's Tunica in 1996, 450 million dollars.
I wouldn't mind seeing the place reopen.
Harrah's Tunica -Sold
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alpax
- Video Poker Master
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- Joined: Sat Jun 14, 2014 4:42 pm
Bigger steal than the Revel buyout.
Does this include the rights/operations to the airport? They probably bought it for that and no interest in operating a casino.
Does this include the rights/operations to the airport? They probably bought it for that and no interest in operating a casino.
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Tedlark
- Video Poker Master
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- Joined: Mon Oct 02, 2006 12:29 am
I'm guessing the purchase price was: lock; stock & barrel.
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ko king
- VP Veteran
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- Joined: Fri Feb 17, 2012 10:13 pm
A bankruptcy judge overseeing Caesars bankruptcy approved the sale of Harrah's Tunica to TJM Properties, the same corporation that bought the Atlantic Club in Atlantic City. Purchase price of Harrah's Tunica, 3 million dollars. Cost to build Harrah's Tunica in 1996, 450 million dollars.
I wouldn't mind seeing the place reopen.
Huge property with two hotels, at one time they even had a place called Kid's Land where they would babysit your kids, a beautiful golf course (I heard that sold previously) and so much more, there are several buildings and office space that also belonged to Harrah's. Normally one would say the buyer got a steal and in the end it may turn out they did. I do know the properties have been sitting vacant for a good while now so there's no telling what kind of shape they're in now. Fitz sold a couple of years ago for pennies on the dollar, no doubt the new owners regret that buy, I went by a couple of times to see if anything was different but nothing was. Very few people were there, other than penny players, both times the high limit room was completely empty. I don't mean to pick on Fitz because fact is all the Tunica area casinos are starving for players with maybe Horseshoe and Gold Strike being the exceptions, all the rest of them are in the process of dying. Harrah's was the last casino to open in Tunica and both levels of the casino were packed with players for about 18 years running. It's crazy to go down to Tunica and see how degraded everything in that area has become, the roads to most casinos are crumbling and there's nothing there anymore, the place is just sad. I don't feel sorry for Tunica in the least little bit, they did it ALL to themselves and they're getting what they deserve. Yeah they had plenty of games for players to play but when they started playing games with players that started an avalanche of players looking for greener pastures. They got greedy so people who play got greedier. I can still take you to two non Tunica casinos in this area and they're drawing big crowds of players and both have undergone major renovations with plans to build hotels. I'm sure the folks in Tunica are scratching their heads wondering how they're doing so well because they lost site of what it takes to succeed years ago. I offer up nothing but good luck to the new owners because they're going to need it, it takes years to build a good solid reputation and Tunica destroyed theirs years ago. I was at one of the non Tunica casinos yesterday and like always it was packed, on a Monday also, few machines were open even in the high limit room. I went down to check out all three areas where the vp machines are located and there was few machines open. I counted 5 people playing $5 denomination vp at max play and 4 others playing $2 denomination at max play and several others playing $1 denomination. I was there maybe an hour and saw a $20k royal flush and a $10K Aces w/kicker, they announce all the jackpot winners over the pa system and I'm guessing I heard 10 other jackpots announced in that short hour. People aren't afraid to gamble at this casino because their machines deliver the goods. I was one of the holdout players in Tunica, I kept going back, I did quit playing 2$ and $5 denomination completely and swore I'd only play $1 denom, I haven't been to Tunica in a while now, the last straw was playing over 50K hands of $1 denom DDB and TDB without one single hand pay. TJM Properties has a steep mountain to climb and they better no mess around because they won't be given much of a chance, act like a present day Tunica casino and you'll be treated as such.
I wouldn't mind seeing the place reopen.
Huge property with two hotels, at one time they even had a place called Kid's Land where they would babysit your kids, a beautiful golf course (I heard that sold previously) and so much more, there are several buildings and office space that also belonged to Harrah's. Normally one would say the buyer got a steal and in the end it may turn out they did. I do know the properties have been sitting vacant for a good while now so there's no telling what kind of shape they're in now. Fitz sold a couple of years ago for pennies on the dollar, no doubt the new owners regret that buy, I went by a couple of times to see if anything was different but nothing was. Very few people were there, other than penny players, both times the high limit room was completely empty. I don't mean to pick on Fitz because fact is all the Tunica area casinos are starving for players with maybe Horseshoe and Gold Strike being the exceptions, all the rest of them are in the process of dying. Harrah's was the last casino to open in Tunica and both levels of the casino were packed with players for about 18 years running. It's crazy to go down to Tunica and see how degraded everything in that area has become, the roads to most casinos are crumbling and there's nothing there anymore, the place is just sad. I don't feel sorry for Tunica in the least little bit, they did it ALL to themselves and they're getting what they deserve. Yeah they had plenty of games for players to play but when they started playing games with players that started an avalanche of players looking for greener pastures. They got greedy so people who play got greedier. I can still take you to two non Tunica casinos in this area and they're drawing big crowds of players and both have undergone major renovations with plans to build hotels. I'm sure the folks in Tunica are scratching their heads wondering how they're doing so well because they lost site of what it takes to succeed years ago. I offer up nothing but good luck to the new owners because they're going to need it, it takes years to build a good solid reputation and Tunica destroyed theirs years ago. I was at one of the non Tunica casinos yesterday and like always it was packed, on a Monday also, few machines were open even in the high limit room. I went down to check out all three areas where the vp machines are located and there was few machines open. I counted 5 people playing $5 denomination vp at max play and 4 others playing $2 denomination at max play and several others playing $1 denomination. I was there maybe an hour and saw a $20k royal flush and a $10K Aces w/kicker, they announce all the jackpot winners over the pa system and I'm guessing I heard 10 other jackpots announced in that short hour. People aren't afraid to gamble at this casino because their machines deliver the goods. I was one of the holdout players in Tunica, I kept going back, I did quit playing 2$ and $5 denomination completely and swore I'd only play $1 denom, I haven't been to Tunica in a while now, the last straw was playing over 50K hands of $1 denom DDB and TDB without one single hand pay. TJM Properties has a steep mountain to climb and they better no mess around because they won't be given much of a chance, act like a present day Tunica casino and you'll be treated as such.
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mulleon
- Forum Rookie
- Posts: 21
- Joined: Tue Jun 09, 2015 1:58 pm
They are in the process of tearing down the casino and the hotel that are on the water side of the levy. So they must of bought all the land with the two hotels (1095 rooms and 73 suites), Golf Course, convention Center, and RV Park.
The market is really slow in Tunica I cant imagine anyone building a new casino. So I am interested to see what they end up doing with the property.
I've heard rumors that it might be turned into a retirement community.
Goggled TJM Properties and they appear to be in the Senior Living property business. so this should be good news for the remaining casinos. They are bringing them some new customers not completion.
The market is really slow in Tunica I cant imagine anyone building a new casino. So I am interested to see what they end up doing with the property.
I've heard rumors that it might be turned into a retirement community.
Goggled TJM Properties and they appear to be in the Senior Living property business. so this should be good news for the remaining casinos. They are bringing them some new customers not completion.
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ko king
- VP Veteran
- Posts: 670
- Joined: Fri Feb 17, 2012 10:13 pm
They are in the process of tearing down the casino and the hotel that are on the water side of the levy. So they must of bought all the land with the two hotels (1095 rooms and 73 suites), Golf Course, convention Center, and RV Park.
The market is really slow in Tunica I cant imagine anyone building a new casino. So I am interested to see what they end up doing with the property.
I've heard rumors that it might be turned into a retirement community.
Goggled TJM Properties and they appear to be in the Senior Living property business. so this should be good news for the remaining casinos. They are bringing them some new customers not completion.
Are you certain the golf course was part of the deal, I was told it sold a while back. It's a very nice golf course, tough though, you better be on your game when you play that place. What a novel ideal though, leave it to Tunica to come up with it, put a retirement community next to the casinos, I bet the casino big shots are wringing their hands together grinning big, it's such an evil ugly plan, only in America folks.
The market is really slow in Tunica I cant imagine anyone building a new casino. So I am interested to see what they end up doing with the property.
I've heard rumors that it might be turned into a retirement community.
Goggled TJM Properties and they appear to be in the Senior Living property business. so this should be good news for the remaining casinos. They are bringing them some new customers not completion.
Are you certain the golf course was part of the deal, I was told it sold a while back. It's a very nice golf course, tough though, you better be on your game when you play that place. What a novel ideal though, leave it to Tunica to come up with it, put a retirement community next to the casinos, I bet the casino big shots are wringing their hands together grinning big, it's such an evil ugly plan, only in America folks.
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Tedlark
- Video Poker Master
- Posts: 8558
- Joined: Mon Oct 02, 2006 12:29 am
They would have been better off leaving the casino intact for the seniors to use on recreation time. They could just have their social security checks direct deposited right to the casino cage and set up accounts for at machine beverage service. Movie night could include such classics as:"Viva Las Vegas"; Casino; Ocean's 11 (the original); Ocean's 11 (the knockoff); Ocean's 13; Rounders; The Cincinnati Kid; Leaving Las Vegas; Honeymoon in Vegas; The Hangover; Showgirls; 21; Fools Rush In; and, one that starred|Cyd Charese that I can't remember the name of.
Edited to add: GIGGLESNORT.....
Edited to add: GIGGLESNORT.....
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mulleon
- Forum Rookie
- Posts: 21
- Joined: Tue Jun 09, 2015 1:58 pm
Caesars wanted to tear down the casino so they would not have to worry about any competition when they sold the property. They cried to the bankruptcy court that the money/fees they had to pay the levee commission (it could be someone else) to be on the inside of the levee was a hardship they could not afford.
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ko king
- VP Veteran
- Posts: 670
- Joined: Fri Feb 17, 2012 10:13 pm
They would have been better off leaving the casino intact for the seniors to use on recreation time. They could just have their social security checks direct deposited right to the casino cage and set up accounts for at machine beverage service. Movie night could include such classics as:"Viva Las Vegas"; Casino; Ocean's 11 (the original); Ocean's 11 (the knockoff); Ocean's 13; Rounders; The Cincinnati Kid; Leaving Las Vegas; Honeymoon in Vegas; The Hangover; Showgirls; 21; Fools Rush In; and, one that starred|Cyd Charese that I can't remember the name of.
Edited to add: GIGGLESNORT.....
You keep coming up with ideas like that you'll be running the place. In all seriousness though I used to go to Harrah's at least once a week and I always walked by where all the charter buses would park to unload folks. I can remember seeing bus loads of old folks getting off the buses and I would wonder where they all came from. It's clear to me now, they came from a retirement community. I can also remember a night that I was going to get a room at the Fitz, I went down to the hotel lobby and there was 100's of old folks waiting to check in, every one of them had a packet for free rooms and food vouchers. There's way more going on than a simple buyout than meets the eye, the property is huge and the $3 million purchase price tells me something smells fishy. A big farming operation would have paid far more than $3 million just to tear every thing down and plant crops, an acre of farmland is now selling for about $7K and I'm guessing the size of the Harrah's property was somewhere around 2-3,000 acres.
Edited to add: GIGGLESNORT.....
You keep coming up with ideas like that you'll be running the place. In all seriousness though I used to go to Harrah's at least once a week and I always walked by where all the charter buses would park to unload folks. I can remember seeing bus loads of old folks getting off the buses and I would wonder where they all came from. It's clear to me now, they came from a retirement community. I can also remember a night that I was going to get a room at the Fitz, I went down to the hotel lobby and there was 100's of old folks waiting to check in, every one of them had a packet for free rooms and food vouchers. There's way more going on than a simple buyout than meets the eye, the property is huge and the $3 million purchase price tells me something smells fishy. A big farming operation would have paid far more than $3 million just to tear every thing down and plant crops, an acre of farmland is now selling for about $7K and I'm guessing the size of the Harrah's property was somewhere around 2-3,000 acres.
