Battery: Horseshoe Report

[Battery]

There was a blurb in either the Wednesday or Thursday Las Vegas Review-Journal saying that some Horseshoe paychecks may be bouncing. I asked several dealers who replied "absolutely not". A floor person overheard one of the conversations and agreed.

Speaking of the Review-Journal. No matter what city I'm in, I prefer to read the local paper rather than USA Today. The first morning I walked into the gift shop I was greeted by almost completely barren shelves. They no longer sell either of the Las Vegas papers. You can get the USA Today, the LA Times, and the NY Times but that's it. Both LV papers are available from sidewalk machines right outside the gift shop door or across the street by the Fremont entrance. The potato chip and candy bar supply is still good in the gift shop.

At first I thought the Horseshoe might be retaliating for the bad publicity they have been getting recently from the local press but that does not account for all the books and magazines being gone too. Are their suppliers having problems getting paid?

Another strange event threw me for a momentary loop when I checked out: I didn't owe anything. When I checked in, they put through a $250.00 charge to my credit card right away. I was told this was just a mistake and they apologized. Has anyone else run into this? I know most hotels immediately send through a credit card "hold" for some dollar amount just for their protection during your stay ane maybe they just hit the wrong key.

How busy was the 'Shoe? Definitely a Christmas lull but not close to what I thought it would be.

One other note if you haven't been there recently. The poker area has expanded with six new tables in front of the deli and eight more in front of the registration desk. Poker must be doing all right. If any part of their business is underperforming, it has to be the slots and video poker. Those machines seem to be almost always vacant.

[Hal Jordan]

On BJ21 there was a comment made that Harrah's is taking over effective the second quarter. It is quite sad to see another classic Vegas spot destroyed as a result of New Vegas Imperialism.

HJ

There was a blurb in either the Wednesday or
> Thursday Las Vegas Review-Journal saying
> that some Horseshoe paychecks may be
> bouncing. I asked several dealers who
> replied "absolutely not". A floor
> person overheard one of the conversations
> and agreed.

> Speaking of the Review-Journal. No matter
> what city I'm in, I prefer to read the local
> paper rather than USA Today. The first
> morning I walked into the gift shop I was
> greeted by almost completely barren shelves.
> They no longer sell either of the Las Vegas
> papers. You can get the USA Today, the LA
> Times, and the NY Times but that's it. Both
> LV papers are available from sidewalk
> machines right outside the gift shop door or
> across the street by the Fremont entrance.
> The potato chip and candy bar supply is
> still good in the gift shop.

> At first I thought the Horseshoe might be
> retaliating for the bad publicity they have
> been getting recently from the local press
> but that does not account for all the books
> and magazines being gone too. Are their
> suppliers having problems getting paid?

> Another strange event threw me for a
> momentary loop when I checked out: I didn't
> owe anything. When I checked in, they put
> through a $250.00 charge to my credit card
> right away. I was told this was just a
> mistake and they apologized. Has anyone else
> run into this? I know most hotels
> immediately send through a credit card
> "hold" for some dollar amount just
> for their protection during your stay ane
> maybe they just hit the wrong key.

> How busy was the 'Shoe? Definitely a
> Christmas lull but not close to what I
> thought it would be.

> One other note if you haven't been there
> recently. The poker area has expanded with
> six new tables in front of the deli and
> eight more in front of the registration
> desk. Poker must be doing all right. If any
> part of their business is underperforming,
> it has to be the slots and video poker.
> Those machines seem to be almost always
> vacant.

[Battery]

> On BJ21 there was a comment made that
> Harrah's is taking over effective the second
> quarter. It is quite sad to see another
> classic Vegas spot destroyed as a result of
> New Vegas Imperialism.

> HJ

If that is true, it will not only mean the end of what Benny Binion started many years ago, it will be the beginning of the end of downtown Las Vegas.

[mr bojangles]

[Parker]

> If that is true, it will not only mean the
> end of what Benny Binion started many years
> ago, it will be the beginning of the end of
> downtown Las Vegas.

I don't claim to have any inside information, other than that I have been following this closely in the media. So, what follows is merely speculation on my part.

It appears to me that Harrah's is primarily interested in acquiring rights to the Horseshoe name, not the property itself. This only makes sense - why on earth would they be interested in a rundown, debt-ridden downtown property? Hell, the buildings are so close downtown that they couldn't even blow it up in the proper Las Vegas fashion.

One possible scenario: Harrah's gets the name to use on a new megaresort somewhere else, Becky gets to keep the property, providing she changes the name (perhaps simply to "Binion's") and of course Becky also gets some badly needed cash, so the joint survives, at least for a while.

Of course, in a sense Harrah's already owns the 'Shoe. They bought everything from Jack Binion - including the note that Becky signed when she took control of the casino from him.

[college kid]

The Horseshoe (Vegas) is still the Horseshoe. From what I've heard, Harrah's bought out all the Jack-owned properties, but Becky still has full control of our favorite downtown casino and the name does not have to change. I could be wrong about all this, but that's what I heard from inside sources, and I'll be happier than ever to have the best damned gamble for my buck stay the best damned gamble for my buck! If I am wrong about any of this, please let me know!

> I don't claim to have any inside
> information, other than that I have been
> following this closely in the media. So,
> what follows is merely speculation on my
> part.

> It appears to me that Harrah's is primarily
> interested in acquiring rights to the
> Horseshoe name, not the property itself.
> This only makes sense - why on earth would
> they be interested in a rundown, debt-ridden
> downtown property? Hell, the buildings are
> so close downtown that they couldn't even
> blow it up in the proper Las Vegas fashion.

> One possible scenario: Harrah's gets the
> name to use on a new megaresort somewhere
> else, Becky gets to keep the property,
> providing she changes the name (perhaps
> simply to "Binion's") and of
> course Becky also gets some badly needed
> cash, so the joint survives, at least for a
> while.

> Of course, in a sense Harrah's already owns
> the 'Shoe. They bought everything from Jack
> Binion - including the note that Becky
> signed when she took control of the casino
> from him.

[college kid]

[SOTSOG]

> Of course, in a sense Harrah's already owns
> the 'Shoe. They bought everything from Jack
> Binion - including the note that Becky
> signed when she took control of the casino
> from him.

I had always held out that after Becky finished falling on her face, Jack would exercise his note and re-take the Horseshoe. Now you tell me McHarrah's has it. A sad day.

[Battery]

My thoughts when I first made the post about Harrah's taking over the Horseshoe being the "beginning of the end" for downtown were based on their propensity for 6:5 blackjack payoffs and otherwise lousy games. And how long the other downtown casinos with playable games would take before they followed suit.

I hope Parker is right, but I am still worried.

> The Horseshoe (Vegas) is still the
> Horseshoe. From what I've heard, Harrah's
> bought out all the Jack-owned properties,
> but Becky still has full control of our
> favorite downtown casino and the name does
> not have to change. I could be wrong about
> all this, but that's what I heard from
> inside sources, and I'll be happier than
> ever to have the best damned gamble for my
> buck stay the best damned gamble for my
> buck! If I am wrong about any of this,
> please let me know!

[bigplayer]

Harrah's will be getting the $20 Million note that Becky signed to Jack as part of their deal buying his casinos in LA, MS, and Indiana.

This gives Harrah's leverage over Becky to force her to give them the rights to the name in NV and just let the casino eventually close. The Horseshoe under present ownership will not be around for much longer regardless. A Horseshoe in downtown LV run by Harrah's is better than no Horseshoe in downtown LV at all.

[college kid]

Woe woe woe. What will become of the Shoe? I almost think none would be better than Harrahs. Ugh. After I made my ill-informed post, I found out much to make my heart sink. Well, maybe the Bellagio can pick up the WSOP at least. Sad times, sad times...

> Harrah's will be getting the $20 Million
> note that Becky signed to Jack as part of
> their deal buying his casinos in LA, MS, and
> Indiana.

> This gives Harrah's leverage over Becky to
> force her to give them the rights to the
> name in NV and just let the casino
> eventually close. The Horseshoe under
> present ownership will not be around for
> much longer regardless. A Horseshoe in
> downtown LV run by Harrah's is better than
> no Horseshoe in downtown LV at all.

[bigplayer]

as I found it very hard to believe that Jack would have included the $20M note to the "family" business as part of the Harrah's sale.

I would have thought that he might have had some desire to keep the Vegas property and turn it around and then sell it at a premium later on. It could be that Jack, like many others, has decided that Downtown LV just isn't worth the effort.