Harrah's in Tunica closing

Found this on another forum. Such a shame. Looks like it is closing on June 2.

http://slotfanatics.com/showthread.php?9740-Closing-Harrah-s-Tunica

Yes, heard this from a casino source this afternoon and confirmed it with others. The Harrah's facility, with 3 hotels, a casino, and golf course on a large tract of land, must have been a 'too capital intensive investment' to be profitable in a declining market with 8 nearby competitors, including two other Caesar's properties. This closing will boost revenue at the remaining casinos in the area ... and the supply skilled personnel should be plentiful!!!

Overall, probably a PLUS for the Tunica market.

Quote: Lucky

Yes, heard this from a casino source this afternoon and confirmed it with others. The Harrah's facility, with 3 hotels, a casino, and golf course on a large tract of land, must have been a 'too capital intensive investment' to be profitable in a declining market with 8 nearby competitors, including two other Caesar's properties. This closing will boost revenue at the remaining casinos in the area ... and the supply skilled personnel should be plentiful!!!

Overall, probably a PLUS for the Tunica market.

I would say so, but Harrah's Tunica is a very nice property compared to some of the competition in town. Just not clustered with other casinos near by. And I am not happy one of my cheaper hotel options is vanishing.

Quote: tringlomane

I would say so, but Harrah's Tunica is a very nice property compared to some of the competition in town. Just not clustered with other casinos near by. And I am not happy one of my cheaper hotel options is vanishing.

Agreed that it's not such a good thing for the patrons. From the customer perspective, more is usually better ... more competition means better deals, better odds, better promotions. And of of course, from the employee perspective, it's terrible news ... fewer jobs available, more competition for existing jobs, less bargaining power, etc. I hate it for the Harrah's workforce, many of whom will have to redeploy in a different field or face extended unemployment.

But in balance, a healthier group of existing casinos will serve to stabilize and strengthen the industry in a market that has been in decline for the last 7 years.

Wow. Tunica was certainly over saturated. But this property is so much nicer than the market average. The hotels are great, there's conference space, and golf, too. It's the only place in town to do more than gamble. But I suppose someone may snag the resort/conference/golf portion, since that's pretty much separate and across the street from the casino. I wonder if one of the Starwood brands would want that stuff, now that they're all cozied up to CZR and all.

Quote: rdw4potus

Wow. Tunica was certainly over saturated. But this property is so much nicer than the market average. The hotels are great, there's conference space, and golf, too. It's the only place in town to do more than gamble. But I suppose someone may snag the resort/conference/golf portion, since that's pretty much separate and across the street from the casino. I wonder if one of the Starwood brands would want that stuff, now that they're all cozied up to CZR and all.

I have nothing to base it on other than my gut, but I suspect that Caesar's has been looking for a buyer for that property for a long time, hoping to recoup some of its investment and avoid a closing announcement like the one issued today. At some point, though, one has to stop the flow of red ink.

On my one and only trip to Tunica last year I stayed at Harrah's and the property was very nice and the rate I got was pretty good too.

This article says:

http://www.bizjournals.com/memphis/news/2014/03/26/caesars-entertainment-closing-harrahs-tunica.html

- Since 2007, Harrah’s Tunica has seen its visitor numbers decline from 3.4 million to 1.7 million visitors in 2013, according to MBJ research.

AND

- Earlier this month, Caesars announced it was selling four properties, three in Las Vegas and one in New Orleans, to Caesars Growth Partners for $2.2 billion. The sale of those properties — Bally’s Las Vegas, The Cromwell and The Quad in Las Vegas and Harrah’s New Orleans — brought the company an estimated $1.8 billion in cash.

I didn't know that. I wonder what "Caesars Growth Partners" is if it isn't CZR ?

Yeah if you look at the demographics Harrah's was too nice for the area.

Quote: ncfatcat

Yeah if you look at the demographics Harrah's was too nice for the area.

Gotta disagree with you on that, fatcat.

Quote: JohnnyQ

I didn't know that. I wonder what "Caesars Growth Partners" is if it isn't CZR ?

There is no diference. It is merely a vehicle to procure cash.
The stock holders in growth partners are the same ones who are shareholders in CZR. Apollo and Paulson I believe?

Just another way Caesars is trying to dig themselves out of a hole.........Not going to happen.

While I hate to hear this it's not really surprising to me. They have been way out of the comp game for a long time in Tunica. You can go anywhere in Tunica and play a couple of hours a get a room for the night except the cet properties. Harrah's did have the cheapest room rates on the weekend and the rooms where decent. However because of their poor comps compared to other Tunica properties I rarely ever play there.

As I mentioned in the previous post, I have played very little at Harrah's in Tunica. Today I get a letter in the mail from them. The letter states that Harrah's will be closing so they can focus on their other Tunica properties Horseshoe and Roadhouse. At the end of the letter I have a voucher for $10 slot play between now and the time that they close. I then get a email from them for a free buffet and 2 free nights stay.

Why are they trying to get people through the doors now that they are closing?

If I would have gotten these offers regularly I would have played there a lot more. My favorite place to play in all of Tunica is RoadHouse but I seldom play there because comps are non existent. I seen a guy place $15,000 across playing craps at Horseshoe and they wouldn't even comp him a Buffett!! He walked next door to GoldStrike, played for about 30 minutes and got a free buffet for him and four other guys that where playing with him. I played craps for a hour at Sam's Town with a $200 buy in and got offers for free buffets and a room for two nights as well as free play offers.

In their closing it seems like they have finally gotten on the Tunica comp train. It's just sad they got on to late.

Quote: Mikey75

In their closing it seems like they have finally gotten on the Tunica comp train. It's just sad they got on to late.

I don't think people would call them the Evil Empire if they were generous and on the ball... they are asset traders and stock traders ... and as a last resort they run casinos.

Quote: Lucky

Yes, heard this from a casino source this afternoon and confirmed it with others. The Harrah's facility, with 3 hotels, a casino, and golf course on a large tract of land, must have been a 'too capital intensive investment' to be profitable in a declining market with 8 nearby competitors, including two other Caesar's properties. This closing will boost revenue at the remaining casinos in the area ... and the supply skilled personnel should be plentiful!!!

Overall, probably a PLUS for the Tunica market.

Lucky, is your game played at Harrah's?

Eight suits escorted me out of that casino. It was during my "Mississippi Banning Week." Took place at the craps table.

Quote: Mikey75

I then get a email from them for a free buffet and 2 free nights stay.

I got the same email offer today, valid through 5/31 (except for 5/23-25). Guess it couldn't be valid much longer than that, if they are closing 6/2. Or maybe the promotions department doesn't know that they are closing.

I wonder what quality of guest services will be received there that last week.

Quote: Doc

I wonder what quality of guest services will be received there that last week.

I wonder the same thing Doc. I can't figure out why they are trying to draw people there when they are closing. Hoping for a few good last days maybe?

Quote: Doc

I got the same email offer today, valid through 5/31 (except for 5/23-25). Guess it couldn't be valid much longer than that, if they are closing 6/2. Or maybe the promotions department doesn't know that they are closing.

I wonder what quality of guest services will be received there that last week.

I got the letter and email also.

Quote: UCivan

Lucky, is your game played at Harrah's?

Nah, fortunately for him, he got it placed in one of the healthiest Tunica properties, Gold Strike.

Quote: tringlomane

Nah, fortunately for him, he got it placed in one of the healthiest Tunica properties, Gold Strike.

GS is where I normally play and stay in Tunica. What game has Lucky got in GS?

Quote: Mikey75

GS is where I normally play and stay in Tunica. What game has Lucky got in GS?

It's a BJ side bet called "Stiff Hand Bonus" there. It also goes by "Lucky Stiff Blackjack"

https://wizardofvegas.com/forum/gaming-business/game-inventors/16853-lucky-stiff-blackjack-opening/

https://wizardofvegas.com/forum/gambling/tables/6600-new-blackjack-companion-bet-feedback-request/

Quote: tringlomane

It's a BJ side bet called "Stiff Hand Bonus" there. It also goes by "Lucky Stiff Blackjack"

https://wizardofvegas.com/forum/gaming-business/game-inventors/16853-lucky-stiff-blackjack-opening/

https://wizardofvegas.com/forum/gambling/tables/6600-new-blackjack-companion-bet-feedback-request/

Thanks I missed that.

Quote: tringlomane

Nah, fortunately for him, he got it placed in one of the healthiest Tunica properties, Gold Strike.

Thanks, Tring, for correctly answering the questions from UCivan and Mikey. I've been on the road for a couple of days and out of touch. Matter of fact, I'll be back in Tunica next week, so if any of you are qoing to be there, let me know and maybe we can hook up.

I'm going to be in Tunica Thurs and Fri Lucky. Will you be there then?

Quote: Mikey75

I'm going to be in Tunica Thurs and Fri Lucky. Will you be there then?

Yes, Thurs for sure. I'll PM you Monday when I get there and we can arrange to meet.

Sounds good Lucky. I will look forward to it.

I had the pleasure of meeting Lucky this past week in Tunica. He seems like a great guy and I enjoyed our conversation very much.

I did swing by Harrahs while in town. Like usual they have the highest minimums of any Tunica casino on table games and they where all packed. They even had a new virtual black jack game that I've never seen before. With the massive room and tons of slots, it did seem like the slot players where a little light. I think this is likely because they have way more slots than most Tunica casino's. However as I stated earlier the table games where mostly packed. They did have one roulette table at $5 minimum and two or maybe three $5 minimum black jack tables. All the craps tables where $10 minimum (and full as well). I wanted to play the virtual black jack gave but all seven stations where full the entire time I was there. There was a long line at the cage so you had to wait awhile to cash out or discuss any players card issues as they have combined the players club desk with the cage.

All in all it seemed like business as usuall for Harrahs. I will say much to my surprise the dealers seemed to be in very high spirits and where very enjoyable to be around. I was expecting it to be a gloomy since everyone knew they where going to lose their jobs in a few weeks. Maybe they are trying to get the 80 or so openings at Horse Shoe or Road House.

Road House was dead as usual. I really don't see how this place stays open. One of the dealers told me the only way they survived was recieving overflow from HorseShoe. I can believe that. I was also shocked to find that rooms at Road House where going for $199.99 for Fri night!!! That place is very very dated to be asking that kind of a price for a room. I have stayed at Road House and it's decent but ok where close to HorseShoe or GoldStrike.

Enjoyed meeting you too, Mikey. Maybe we can run into each other again sometime down in Tunica and spend some time at the tables.

Las Vegas used to be the only place where you could legally gamble. Now we hear casinos closing down in many places, but are they suppose to be there at the beginning? Now people complain of poor comps, yeah, how about to go through some analysis and try to figure what's best for the industry? Uncontrollable spread or well financed establishments?

Quote: Dicenor33

Las Vegas used to be the only place where you could legally gamble. Now we hear casinos closing down in many places, but are they suppose to be there at the beginning? Now people complain of poor comps, yeah, how about to go through some analysis and try to figure what's best for the industry? Uncontrollable spread or well financed establishments?

I think the problem with comps is the amount of casino's and the accessibility of them. Years ago I would blow 2-5k in a weekend because I would have to travel to Vegas to gamble. Of course they are going to throw a bunch my way with 5k loss in 3 days. Now I go to a casino a few times a month with a budget of a few hundred dollars. I am much less valuable of a customer now.

When NWA merged with Delta some 5 years ago or so, for me the price of the flight from Florida to Memphis effectively doubled, from $200 to $400. From either MCO or TPA. Just wasn't worth the hassle of flying anymore.