use to go to n.o. casino....not any more.... use to be 7 star...not any more...they have tightened so much and cut back so much i'm done with harrahs( yea i will always call'em that}was in biloxi last....had holes in my towels...boy have they run these casinos in the ground...... i own part of that 20 billion in debt...like my 14% return...but watching it close... if things dont change...watch out for 2015....they have alot of debt coming due and if things dont change they are going to have a tuff time re fi-ing... use to love harrahs....now almost hate them...wouldnt touch the stock with a hand full of aces
this is a definite "work out" play for speculation....if you are so inclined.
I'm involved just for the contrarian bet. There's NO good news on these guys. Yes, 20bln in debt, but they have 52 properties. Contrasted to MGM's 13bln in debt and 15 properties.....so not as bad as it may first sound. Granted MGM owns 1/2 of a Macau property but CZR is in 7 Countries and 4 Continents, and owns the WSOP (World Series of Poker) which stands to do really well when online gambling passes. And, according to PENN, regional gaming is doing a bit better and CZR is #1 or #2 in every market they're in.
SO. I am not cheerleading for CZR, I'm just saying its going to be interesting to see how it plays out. Its rare when an "obvious" short or long works out like the crowd expects it to, maybe this will, who knows? But, the "short" side of this trade seems to be crowded and only the negatives are being talked about.
Just when it was assumed Apple was going to 1000, it pulls back 30. Just when Oil was destined to go from 150 to 200 it came back to 100, just when there was NO WAY Gold wasn't going over 2000 when it was at 1800, it pulled back to 1600......as a good friend and good investor (Allin) on another board (LVS) is fond of putting on his post....JUST SAYIN'!!!