Kings Of Vegas

Harrah’s Hits Jackpot with Buyout Offer

Harrah’s received an unsolicited offer today which sent the share price soaring.

From Yahoo News:

NEW YORK (Reuters) – Harrah’s Entertainment Inc. (NYSE:HET – news), the world’s biggest casino operator, on Monday said it had received a $15 billion buyout offer from private equity firms Apollo Management and Texas Pacific Group. (TPG.UL), sending shares of the whole gaming sector up.

The proposed deal, which would rank as the fifth-largest leveraged buyout on record, signals new interest in the gambling sector for heavily funded private equity groups, which have struck big deals this year in health care, media and technology.

Las Vegas-based Harrah’s — which owns or manages more than 40 casinos, mainly under the Harrah’s, Caesars and Horseshoe brands — gave no indication that it would accept the deal. It said it had formed a special committee of its non-management directors to review the proposal.

US Online Gambling Set For Collapse

Now that the Internet Gambling Ban has been approved and will likely be signed into law within the next two weeks, many London-based online casinos are already starting to shut down US-focused operations.

From the TimesOnline.co.uk:

AMERICA’s $6 billion (£3.2 billion) internet gambling industry is facing meltdown after the US Senate pushed through a Bill at the weekend outlawing the processing of bets by banks and credit companies.

The surprise move, which is expected to spark a massive share sell-off, will prompt London-listed 888 Holdings to announce this morning that it is halting its entire US-facing operation, accounting for half its business.

PartyGaming, the world’s biggest internet gambling company, said last night that it was “still evaluating the situation”, although industry sources believe it will also announce a cessation of its services to American punters.

While I initially thought that there would be enough loopholes to get around the account financing issues, I’m not as optimistic at this time.

I think the implications of this bill will only drive gambling back into an underground industry. Local bookies, welcome back.

Say Good Bye to Internet Gambling

Friday Night, September 29th, 2006, may quietly go down as the day Internet Gambling died in the United States.

From ABCNews:

WASHINGTON (Reuters) – Congress was pushing on Friday to finish legislation that would boost security at U.S. ports, but at the last minute lawmakers added provisions to prohibit Internet gambling.

Rushing to finish their work by the weekend to go home and campaign for elections in which control of Congress is at stake, lawmakers were linking up unrelated measures in an effort to get them approved.

The House passed an Internet gambling ban earlier this summer, but the bill had difficulty moving in the Senate. However it was a priority of Senate Republican Leader Bill Frist of Tennessee, and attaching it to the popular port security bill appeared aimed at insuring its passage.

Votes were expected by midnight Friday in both the Senate and the House of Representatives.

Sad indeed. Very sad.

Another Mega Resort Concept

From the folks at Proteus Creative (who are they?), the newest themed mega resort which Vegas is dying for: Las Vegas Wet.

The Project is a multifaceted large-scale resort, entertainment center and aquatic wonderland. Boasting all the conventional amenities of a grand scale water park, The Project shatters expectations with an abundance of outdoor and indoor amusement attractions, in addition to a first-rate hotel and casino with superior entertainment retail. The Project is exactly what Las Vegas needs but doesn’t have: a superlative, upscale water park complex with all the amenities of a first class resort.
Site Plan for The Project

This thrilling new entertainment complex provides guests both near and far with an exciting entertainment destination, anchored by a premier multi-themed water park. The Project not only provides state-of-the-art water fun, but is also constructed to be conservation conscious and environmentally friendly. And what better place for an exhilarating day of water slides, wave pools, dining, shopping, and many other matchless entertainment offerings, than the sizzling Las Vegas Strip!

The Project is year round fun in the sun for a wide demographic, catering to out of town guests as well as Las Vegas residents who return again and again to experience this “must see” attraction. The park’s ambience runs the gamut from raucous adventure to casual indulgence. A variety of leisure activities appeal to every age group, from youngsters, to singles and couples, to families.

Atmosphere entertainment — walk around characters, roving musical bands, strolling entertainers, and the like — will appear throughout the complex to delight and entertain guests of all ages. And throughout the park, guests will be treated to scrumptious dining opportunities and themed retail. The Project features a roster of highly unique attractions that can provide anything from a few hours of excitement to a multi-day palette of diversions:

* State-of-the-art water park with themed “lands”
* Dining, Retail, and Entertainment district
* Sprawling Family Entertainment Complex
* Two upscale 600 room Hotels
* Dazzling tropical themed Casino
* State-of-the-Art indoor ski area
* Exclusive European style spa and beach club
* Multiplex Cinema with high-end reserved seating component
* Contemporary 5000 Seat Arena for concerts and sporting events

Whether you want to zoom down a hair-raising water slide, lounge on an exclusive “European” beach, enjoy a wild round of mini-golf, or dine and shop in a stylish but relaxed atmosphere, The Project is your escape to a world of fun and enjoyment.

Okay, right. Where do I sign up. I realize this is a concept, but good luck, keep dreaming.

Here’s a successful concept for you:
1 big pool
1 big beach around said pool
Age restricted 21-30 years old
Clothing optional
Brand it is as the year-round MTV Spring Break Resort
Optional: add enough extra space to run the Road Rules Real World Challenges and possibly even build a permanent Real World House on the spot.

You don’t even need a themed tower, jome funky beach cabanas that sleep a few dozen people each. That’s money, baby.

(My disclaimer: The Spring Break Resort is copyright 2006 – KingsOfVegas.com.)