Harrahs sends mix signals

Good article about the new owners of Harrahs and some of the changes and focus areas for future growth. I pulled out the only small part of Biloxi information, but I have a link for the main article below:
Steinberg is more optimistic. “Just because you’re going private doesn’t mean you have to sit at a standstill,” he said. As part of any exit strategy, “they’re going to have to build this company up.”

Hwang disagrees. He foresees a drastic solution, in the form of a massive clearance sale of Harrah’s assets. He names “the 184-acre Strip block, Grand Casino/Casino Magic Biloxi, Sheraton Tunica, Harrah’s Council Bluffs, Horseshoe Hammond,” plus some of the company’s Atlantic City resorts as leading candidates for a red-tag sale. From those, “Apollo and TPG could probably recoup something under half its purchase price.

So it looks like they might be trying to liquidate the some property they own in Biloxi.. I wonder if this means Harrahs might not be rebuilding a massive mega resort in Biloxi. Only time will tell…

Full Article: Harrahs sends mix signals

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