Harrahs is leaving Tahoe

Heard they are transfering all their business in Tahoe to another corp on 1-1-08.

Wondering why and who is taking over. They have nothing playable there anyway. Good riddance.

http://www.state.nj.us/casinos/home/news/pdf/advisory_harrahs_%20hearing101707.pdf

Cut and paste it in your browser.

Here is what I get: ERROR- The page you have requested can not be displayed because it does not exist, has been moved, or the server has been instructed not to let you view it.

just cut and pasted it into a new browser. It works. You have to copy the entire link
http://www.state.nj.us/casinos/home/news/pdf/advisory_harrahs_%20hearing101707.pdf

This has nothing to do with Stealth Bomber's post. The purchase of Harrah's to TPG and Apollo Management is old news. The hearing in NJ is just part of the process of gaining approval of the various states where they have operations.

I didn't see anything in the South Tahoe papers online about this. Are your referring to the leveraged buyout of Harrah's by TPG and Apollo Management? As I wrote below, that is old news. The deal was essentially done before Christmas last year and approved by stockholders in April. The deal requires acceptance from the Gaming Commissions where Harrah's has casinos. A hearing in Nevada is supposed to go forward sometime in the next couple of months. Maybe this is what your source was referring to.

TPG is one of the top private equity firms in the US and Apollo, run by a former crony of Michael Milken at Drexel Burnham Lambert, is a specialist in buying distressed and under-performing companies. Harrah's is saddled with increased debt with the buyout but the management is unchanged. Loveman made millions on the deal and has been confirmed as CEO by the new ownership group. Debt repayment is a higher priority so some casinos my be sold off. Maybe the Tahoe casinos come under that category but it seems unlikely they would sell off the Harrah's Tahoe. Expect the same crappy games and the same player-unfriendly environment.

was a hostess at a Harvey's restaurant on the west side of the building whom I struck a conversation with. She seemed quite intelligent and in-the-know on the subject.