Doc
Doc
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May 8th, 2012 at 12:14:27 PM permalink
Just came across this news item over at the Las Vegas Advisor site:
Quote: LVA news

• May 8, 2012 10:11 PA Casino to Change Hands: Penn National Gaming has announced a deal to buy Harrah's Maryland Heights Casino from Caesars Entertainment for $610 million. The casino, which opened on the Missouri River in 1997, is the region's second-busiest by revenue.


I'm confused. I can't figure out out what casino they are talking about. It seems to say it is a Pennsylvania casino on the Missouri River. And the name seems to be "Maryland Heights Casino".

I can't find anything on the Caesars web site that sounds like this place. Can someone tell me what casino they are talking about?
rdw4potus
rdw4potus
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May 8th, 2012 at 12:19:58 PM permalink
Quote: Doc

Just came across this news item over at the Las Vegas Advisor site:

Quote: LVA news

• May 8, 2012 10:11 PA Casino to Change Hands: Penn National Gaming has announced a deal to buy Harrah's Maryland Heights Casino from Caesars Entertainment for $610 million. The casino, which opened on the Missouri River in 1997, is the region's second-busiest by revenue.


I'm confused. I can't figure out out what casino they are talking about. It seems to say it is a Pennsylvania casino on the Missouri River. And the name seems to be "Maryland Heights Casino".

I can't find anything on the Caesars web site that sounds like this place. Can someone tell me what casino they are talking about?



Harrah's Saint Louis is in Maryland Heights, MO. That's a big blow to CZR if they're selling a property at that level of quality (it's a nice place...)
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
Doc
Doc
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May 8th, 2012 at 12:23:05 PM permalink
Quote: rdw4potus

Harrah's Saint Louis is in Maryland Heights, MO. That's a big blow to CZR if they're selling a property at that level of quality (it's a nice place...)


Well, that part make sense. Why would they have this headlined, "PA Casino to Change Hands"?
WongBo
WongBo
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May 8th, 2012 at 12:32:08 PM permalink
perhaps there was some confusion becasue Harrah's only PA casino is changing names on May 12.
Harrah's Chester to become Harrah's Philadelphia
In a bet, there is a fool and a thief. - Proverb.
DJTeddyBear
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May 8th, 2012 at 12:42:49 PM permalink
The confusing headline probably stems from Penn being a common abbreviation for PA.

Here's the LV Review Journal article.
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FinsRule
FinsRule
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May 8th, 2012 at 12:53:26 PM permalink
The question is - Why are they selling something that is profitable?
Doc
Doc
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May 8th, 2012 at 1:12:02 PM permalink
Thanks, all. It seems that my confusion was due to (1) I didn't know that St. Louis had a Maryland Heights, (2) the Casino name was given incorrectly in the article, and (3) somebody at LVA (who was probably as ill-informed as I am) saw "Penn National" and apparently thought the casino must be in PA (or it was a typo/mental glitch).
buzzpaff
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May 8th, 2012 at 2:06:43 PM permalink
It's nice that Penn National has such deep pockets. They bought Bullwhackers about 10 years ago as well as the Silver Hawk, which is on the back of their parking lot. Immediately they removed all table games, including the poker tables that had the highest drop in Colorado at the time. A few years later that bought out Bronco Billy's next door and renamed it the Bullpen with access thru Bullwhackers.
They brought Bj back a time or two, but it is gone again. So is Elanors, which was a popular restaurant. It has been replaced by a chain Mexican restaurant Santiago's . But during the week before 6pm on Friday, your only choice is Santiago Express. I imagine it is where the in-house bakery used to be SIGH.

Bullwhackers is now down to 570 slots from almost 1200. Bullpen is gone, upstairs is empty, 1st floor rented to an almost carnival like casino, of sorts. See Teddy's review. The Silver Hawk is now sitting empty as a reminder that the days of " Open the doors and let the suckers in " are long gone in Colorado.
Boz
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May 8th, 2012 at 3:32:22 PM permalink
PNG has a lot of cash on hand and is in the market to buy properties cheap if they can get them. The bought the M cheap and looked at TI and Rio before. As for CZR, I think the chance to sell a property and put a small dent in their debt is becoming more important since they went public. Of course the 610M is only the interest for a year or less on their 20 Billion dollar debt.

Look for more of this in the future as rumors are rampent in AC that they are working with Hard Rock on a deal for Bally's and are still trying to sell Showboat. The AC problem is that you could buy Trump Plaza for around 50 Million or less if you wanted to get into the market. AC isnt exactly a growth market for gaming.
midwestgb
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May 8th, 2012 at 5:56:17 PM permalink
The St. Louis Harrahs property is interesting. I like the hotel. The casino is quite large, but configured in an odd, maze-like fashion.

Penn now has a strong presence in the K.C. metro market with two properties (after just opening the KS side Hollywood property at the NASCAR track venue). They will match that with their two St. Louis area properties after this sale closes.

At the K.C. Argosy property that Penn operates, they have a strong crew of table-games veterans who handle their dealing duties in a cordially professional manner. It's a rather pleasant place to gamble, especially Mon - Fri. when the vets are working.

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