Harrah's Could Level Several Hotel-Casinos

[Grant]

Word out of the Harrah's corporate offices seems to indicate the company is considering a massive redevelopment of several of its flagship Las Vegas properties that could wind up being the biggest project in the city's history.

This is all just rumor and conjecture so far, based on rather opaque comments from the company's executives, but what they are apparently considering is taking a wrecking ball to everything between Harrah's and Flamingo Road.

This would include Harrah's, the Imperial Palace, the Flamingo, O'Shea's, the now-closed Bourbon Street hotel and Barbary Coast if it is bought from competitor Boyd Gaming.

All of this is in addition to consideration being given to revamping or perhaps starting over on the Bally's property.

Harrah's is already the biggest casino company in the world in terms of properties and value, but it is behind MGM Mirage in the Las Vegas market, which has more hotels and more revenue. Leveling the block would give Harrah's more than 150 acres to play with, which is about two-and-a-half times the size of the lot on which MGM Mirage is building its $5 billion Project CityCenter, a massive development of hotels, a casino, condos and more between Bellagio and Monte Carlo.

Expect an announcement on Harrah's Las Vegas plans in the first half of 2006.

Source: AP

[Grant]

I have one word for that article..

WOW :shock:

[doctor_al]

A lot of reading-between-the-lines there. There's been no announcements. Although if you go to vegastodayandtomorrow.com and look at the map, it's quite a parcel they've put together.

[Grant]

Yes, I agree nothing is set in stone. Plus a lot of planning would have to got into that.

Good link

http://vegastodayandtomorrow.com/condomap.htm

Thta is the map I was looking at. They are really taking over a lot of area.

[doctor_al]

The thing that makes this odd is that Harrahs has virtually no development history, at least not in Vegas, and not much elsewhere. The only thing they've built themselves is Harrahs, long ago. Everything else is just acquisitions, although there have been some additions to Rio. Most other LV companies started with smaller developments and worked up - there is a skill involved in managing a construction project.

[Grant]

Very good point.

But you have to remember with the money and power that Harrah's has, they will contract only top notch construction companies and contractors. I don't see them cutting any corners when it comes to developments these days, you have to have best to keep up.