Paris- Advertisement above slots for Le Artists Steakhouse that closed for Gordon Ramsey 10 months ago
PH- Still have the sign for the charity drop 10 days after the event
Flamingo- Huge Nathan Burton sign on building- He left a month ago
PH- Bikini contest signs all over the pool area for the finals on Labor Day Weekend
PH- Adds still running for Surf-The Musical in elevators- Show ended in July
Ballys- Signs for Football Contest- Sign up by Sept 12th
Overall most employees provided great service, so public morale is not down. In fact morning BJ dealers were very talkative about Linq and sounded excited about their jobs and even said tips have been good.
I guess they just have bigger fish to fry in LV...
It's odd. Here in K.C., the Harrahs property seems to be moving forward full steam, although I believe they have dropped to no.3 in the local marketplace. They used to compete toe-to-toe with Ameristar for leadership in the K.C. market. Now, Penn's Argosy is ahead of them at no. 2. The Harrahs folks make a big deal at that property of greeting customers and one another all over the place, not just in the casino. Their dealers and wait staff are just fine as well.
According to MO slot data, Harrah's is still ahead of Argosy, but with their terrible slot/vp payback percentages, they probably shouldn't be. I did have a $400 VP hit there while doing the Race to Rewards this yr, so I like the place. ;)
I understand they are broke, but somewhere, someone needs to be paying attention.
How Long Can Caesars Entertainment Survive? motley fool
November 6, 2012
Ever since Caesars Entertainment (Nasdaq: CZR ) hit the public market, the questions I've asked about the company have had more to do with survival than anything else. The company consistently reports huge losses, its markets aren't improving at all, and it has a debt load that points to bankruptcy unless something dramatically changes with its balance sheet.
The company's recently released earnings report does little to ease any of those fears. The third quarter showed little in the way of improvement for Caesars. Revenue rose a paltry 0.4% to $2.2 billion, adjusted EBITDA rose the same amount to $484.5 million, and net loss tripled to $505 million, or $4.03 per share.
The number of trips from vacationers decreased in every one of Caesars' markets in the third quarter, and if it weren't for a 7.8% bump in spending in Las Vegas, spend per trip would have been down in each locale as well.
Zero growth wouldn't be a problem if Caesars wasn't spending every penny it got on servicing debt, but with over $20 billion in debt that's exactly what the company is doing. Take a look at EBITDA minus interest expense below. This shows that Caesars is barely able to pay for its debt, and this doesn't even include ongoing capital improvements and some other operating expenses, which brings overall cash flow lower.
The biggest problem for Caesars is that it has little upside in most of its markets. Las Vegas is mature and won't likely grow double digits unless the economy makes a surprising turnaround. In regional markets, the company is contending with a growing number of casinos across the country as states approve gaming to expand tax revenues. Compare this to Macau, where Las Vegas Sands (NYSE: LVS ) , Wynn Resorts (Nasdaq: WYNN ) , and MGM Resorts (NYSE: MGM ) have limited competition and growing demand from gamblers. All three of these companies own Las Vegas casinos but they also have resorts in Macau, where gaming is far more profitable.
Even in the U.S. there are better gaming stocks. Penn National (Nasdaq: PENN ) is in the same slow-growth gaming markets as Caesars, but the company is solidly profitable because management didn't pile on debt during the boom years. Caesars can't even see profitability on the horizon.
So, how long can Caesars survive? The company doesn't have any major debt maturities before 2015, so there's no reason to think the company will go under before that, unless conditions really deteriorate. But that's when the rubber really meets the road.
It looks to me as if they need to keep downsizing over the next couple years, as they are doing in St. Louis this Fall. We shall see...
I agree, but they are struggling to find buyers. They were probably able to sell off Harrah's STL since it lead the state in revenue.
But without an overseas casino to help it along, CZR may be doomed if the economy doesn't pop back into shape.
And yet Loveman keeps spending. I understand Linq somewhat, but $180 Million into Bills doesnt make sense to me.
Some call it spending while others call it investing. Maybe he believes in his product and wants to make it better, or at least more attractive to a buyer?