Tweet
"September 16, 2009 - Harrah's buys $140 million in debt of the Planet Hollywood Casino which is next to their Las Vegas properties. It is wildly assumed that this step is the first in a hoped for acquisition of the property to be the 8th casino in Las Vegas. [10] Harrah's assembled all 8 of it's existing Las Vegas properties, by purchasing existing resorts beginning in April 1992. Although it was widely announced in previous years that the company planned to implode properties and build new ones from the scratch, the new corporate strategy, known as Project Link was announced in 2009. Conceding that the company had little experience in building major resorts, it developed Project Link, which calls for a retaining and improving all the existing buildings, and adding a collection of about 20 restaurants and bars to be built along a winding corridor between the company’s O’Sheas and Flamingo casinos, on the east side of the Strip. It is an attempt to create the kind of entertainment district that has developed organically in cities such as Los Angeles, Memphis and New Orleans yet is lacking on the Strip, with its enclosed, casino-centric zones"
This is pretty ironic as Harrah's is in very bad financial condition. They acquired $20 billion in debt when they were purchased by Hamlet Holdings last year.
This is pretty ironic as Harrah's is in very bad financial condition. They acquired $20 billion in debt when they were purchased by Hamlet Holdings last year.
Comment