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Old 06-21-2011, 03:21 AM
 
16 posts, read 28,302 times
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A friend of mine in New Mexico heard that George Maloof sold over 90 percent of his stake in Palms to a certain holding company. They will sell that to Harrahs. Anyone know of this? This would not be good. Palms is one of a handful of places I actually win on the machines.
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Old 06-21-2011, 03:43 AM
 
Location: Here and there, you decide.
12,908 posts, read 27,919,926 times
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Quote:
Originally Posted by 89118 maybe View Post
A friend of mine in New Mexico heard that George Maloof sold over 90 percent of his stake in Palms to a certain holding company. They will sell that to Harrahs. Anyone know of this? This would not be good. Palms is one of a handful of places I actually win on the machines.
Maloofs will own just 2% of Palms casino - Sacramento Business, Housing Market News | Sacramento Bee


this has been in talks for months.. however tpg or leonard green inc do not own harrahs (caesars entertainment)

http://en.wikipedia.org/wiki/Leonard_Green_%26_Partners
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Old 06-21-2011, 03:49 AM
 
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@$400 million in debt?
Really???
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Old 06-21-2011, 03:56 AM
 
Location: Here and there, you decide.
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from what i hear, the takeover makes the debt disappear..for the maloofs but they won't own diddly...
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Old 06-21-2011, 09:24 AM
 
Location: North Las Vegas
1,631 posts, read 3,944,358 times
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Quote:
Originally Posted by 89118 maybe View Post
A friend of mine in New Mexico heard that George Maloof sold over 90 percent of his stake in Palms to a certain holding company. They will sell that to Harrahs. Anyone know of this? This would not be good. Palms is one of a handful of places I actually win on the machines.
Here are two articles addressing what is happening at the Palms :
Unfortunately all the Casino's have taken a hair cut and the Palms also hit some hard times during this economic melt down.

Maloofs' stake in Palms at 2 percent

Source: Las Vegas Review Journal

Here is the article that address's your concerns about Harrah's purchase:

Equity groups seek controlling stake in Palms casino

Source: Las Vegas Reveiw Journal
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Old 06-22-2011, 12:44 AM
 
364 posts, read 989,340 times
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Harrah's is a horrible company that completely destroyed the Caesars brand name. The reason that Harrah's is able to purchase properties is because they don't pay their damn bills. Their debt is one of the highest of any casino company.
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Old 06-22-2011, 04:30 AM
 
16 posts, read 28,302 times
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I hate Harrahs with a passion. Back in 2004 I had a bad experience there. Harrahs says I was taking to many comp nights and not playing enough. Comps are based on your previous play I always thought. Anyway I asked them to call my casino host. Well they didn't, they called metro. Since I had a warrant out for not paying a no insurance ticket,I got arrested. I remember the cop asking what had happend. He's like did you not pay a marker? I said oh no nothing like that. I explained to him the situation. He said I should sue them. However no lawyer in Nevada would take that case. I really don't think anything would have come out of it. Just thought Id share that. Harrahs is the worst!!!!!!!!!!!!!
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Old 06-22-2011, 08:57 AM
 
320 posts, read 1,127,632 times
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The big thing that I like about Harrahs is how generous they are with the room offers. You really don't have to play much to get free or discounted room offers.
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Old 06-22-2011, 05:21 PM
 
1,770 posts, read 2,891,886 times
Reputation: 1174
Quote:
Originally Posted by 89118 maybe View Post
I hate Harrahs with a passion. Back in 2004 I had a bad experience there. Harrahs says I was taking to many comp nights and not playing enough. Comps are based on your previous play I always thought. Anyway I asked them to call my casino host. Well they didn't, they called metro. Since I had a warrant out for not paying a no insurance ticket,I got arrested. I remember the cop asking what had happend. He's like did you not pay a marker? I said oh no nothing like that. I explained to him the situation. He said I should sue them. However no lawyer in Nevada would take that case. I really don't think anything would have come out of it. Just thought Id share that. Harrahs is the worst!!!!!!!!!!!!!
But, let's hear their side of the story shall we?
Many, MANY times my partner and I have been to Altantic City. We see what people do. We see them sitting there at a slot machine.. with a $5 credit in there. Betting like 1-10 cents.. stopping, looking around for the waitress.. getting their free drink.. no tip, of course.... betting 1-10 cents again...sitting there.. looking for ANOTHER free drink....

I of course don't know if they are staying there, so I can't say. But just doing what they did.. well, is ghetto and not really worth the casino's time.. and the waitress.

How did they even go about telling you this? How many nights did you use and how much money did you spend? I'm pretty sure you won't be 100% honest with this question. And if you are.....
..You should pay your ticket. If it wasn't for Harrahs, you would have been arrested eventually.
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Old 06-22-2011, 05:43 PM
 
6,375 posts, read 11,832,909 times
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Originally Posted by Lovetheoutdoors View Post
Harrah's is a horrible company that completely destroyed the Caesars brand name. The reason that Harrah's is able to purchase properties is because they don't pay their damn bills. Their debt is one of the highest of any casino company.
Don't pay their bills? Huh? They have bought up debt from bad operators on the cheap, but their own debt is amazingly still out of default. They may never pay it off, but they could have easily tried to walk away from it but have not. As for why they keep buying, well kind of obvious as much as the players like player friendly odds and operating strategies, they just don't do so well for the owners and they end up getting bought out on the cheap by less generous operators.
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