In a message dated 7/14/2004 9:25:44 AM Pacific Daylight Time,
jon21512003@yahoo.com writes:
WBZ Busines Report this morning reported that Harrah's may be interested in
acquiring Ceasar's Entertainment forming the largest casino family in the
world. Has anyone else heard this?
It is being widely reported
[Non-text portions of this message have been removed]
Here is the story from Reuters:
Harrah's Near $10 Bln Deal to Buy Caesars
1 hour, 43 minutes ago Add Business - Reuters to My Yahoo!
LOS ANGELES (Reuters) - Harrah's Entertainment Inc. (NYSE:HET -
news) is near an agreement to acquire Caesars Entertainment Inc.
(NYSE:CZR - news) for about $10 billion including debt, aiming to
create a dominant U.S. gambling concern, a source close to the
situation said on Wednesday.
The talks are at a sensitive stage, but the source said the chances
of the deal being struck in the next day or two were very high and
that there were no apparent stumbling blocks. Caesars currently has
a market value of about $4.5 billion in addition to another $4.5
billion in long-term debt.
The negotiations, if successful, would create the world's largest
gambling company with $8.8 billion in annual revenue and a sizable
presence in nearly every major legalized gambling market around the
country.
It also would offer a sound rejoinder to rival MGM Mirage (NYSE:MGG -
news), which last month agreed to acquire Mandalay Resort Group
(NYSE:MBG - news) for $4.8 billion in an effort to create a dominant
casino company on the Las Vegas strip.
Shares of Caesars jumped 17 percent Wednesday morning on word of the
talks.
Caesars shares climbed $2.33, or 16.7 percent, to $16.25 in trading
on the New York Stock Exchange (news - web sites). The company had a
market capitalization of about $4.3 billion as of Tuesday. Harrah's
shares fell $1.11, or 2.1 percent, to $50.87.
Unlike MGM, Harrah's does not boast a sizable presence in Las Vegas -
- a problem Caesars, which also owns Bally's, would help cure. The
combined company would also boast a sizable regional presence across
the country, though it would likely have to make some divestitures
to win regulatory approval.
(Additional reporting by Tom Johnson in New York)
In a message dated 7/14/2004 9:25:44 AM Pacific Daylight Time,
jon21512003@y... writes:
WBZ Busines Report this morning reported that Harrah's may be
interested in
acquiring Ceasar's Entertainment forming the largest casino family
in the
--- In vpFREE@yahoogroups.com, ezfromnwon@a... wrote:
world. Has anyone else heard this?
It is being widely reported[Non-text portions of this message have been removed]
--- In vpFREE@yahoogroups.com, "hansjurgent" <hansjurgent16@h...>
wrote:
...story from Reuters:
....The
combined company would also boast a sizable regional presence
across
the country, though it would likely have to make some divestitures
to win regulatory approval.
Together with Harrah's recent purchase of Horseshoe, this would give
them 5 of the 9 Tunica casinos, so I would imagine one or more would
go up for sale.
The thought of Total Rewards expanding from one-ninth to five-ninths
of my local market is scary.
The effect on Tunica VP is unclear - seems like you could argue it
either way. The best VP currently is at Harrahs, Fitz, Sheraton
(caesars) and the Grand (caesars), so under the merger 3 of the 4
best would be commonly owned. Would this mean they'll cut back
payouts since they aren't competng any more, or would it mean they
expand the good payouts since management recognizes that high-ER VP
still pays well?
blaw57 wrote:
snip
Together with Harrah's recent purchase of Horseshoe, this would give
them 5 of the 9 Tunica casinos, so I would imagine one or more would
go up for sale.The thought of Total Rewards expanding from one-ninth to five-ninths
of my local market is scary.The effect on Tunica VP is unclear - seems like you could argue it
either way. The best VP currently is at Harrahs, Fitz, Sheraton
(caesars) and the Grand (caesars), so under the merger 3 of the 4
best would be commonly owned. Would this mean they'll cut back
payouts since they aren't competng any more, or would it mean they
expand the good payouts since management recognizes that high-ER VP
still pays well?
Picking the best for VP depends upon what you play, so someone who plays deuces or joker poker, etc., is likely to have a different perspective than some who plays JoB-9/6 exclusively. You might be entirely correct in the above picks when things besides JoB are concerned, but there are other considerations, as well. It's been a couple of months since I've been to Tunica, but I'll be going again this weekend and will have another look; when I was there last, Harrah's did have plenty of 9/6, but their comps program completely sucks and they no longer have any cash back at all. A couple of hundred yards away at Hollywood they have fewer 9/6 machines (down to only 3 now), but they also have cash back, and I've never had any trouble getting comped my meals and occasionally rooms (our family has two free rooms there this weekend, as a matter of fact).
I couldn't find any JoB-9/6 at either Fitzgeralds or the Sheraton; seems like it was all 8/5 or something like that. And my past experience at getting a comped meal at the Sheraton is that it's like pulling teeth. I don't know much about the Grand. Horseshoe, which is also owned by Harrahs, is a definite wasteland as far as JoB goes -- having only 6/5 even for their dollar machines; an absolute joke, although maybe its great for some other type of VP. We still go there because my daughter loves their buffet, so I just play quarter blackjack at the bar to pass the time until we eat.
Why are you citing those four casinos as having the best VP. Are there particular games they have that might be over 100%?
Thanks for any info you can provide.
Cheers.
Bill Velek