A Rio in Maloof's Future? Harrah's Cuts 200 Vegas Jobs.
Harrah's has eliminated about 200 jobs from the company's middle management ranks. Harrah's was adamant in saying the elimination of the jobs and subsequent layoffs were not related to the $28 billion takeover by two private investor groups, Apollo Management and Texas Pacific Group. The 200 lost jobs were within the Las Vegas corporate office and apparently did not include any individual resort personnel. The recent acquisition fueled growth spurt that propelled the company to become the world's largest casino owner is being credited with the layoffs. Either way it is 200 lost jobs in the Harrah's downsizing saga that began earlier this month at the very top of the food chain when three of Harrah's executives quit, including the purported #3 man, COO Tim Wilmott.
On a related note a street rumor persist that say's the Rio Resort owned by Harrah's may become a Maloof property. This makes perfect sense to me and would guarantee the electrik blue and red landmark to continue as the party place, only more so with Maloof at the helm. It would be an ideal match-up to the Maloof owned Palms Resort across the street and Harrah's will have divested itself of the off strip property and can fully concentrate on developing and maximizing the profit potential that comes with being the majority owner of Las Vegas strip frontage.
Could the WSOP brand end up on the block? Well, rumors persist... Speaking of the WSOP, I made it through the monthly qualifying and have a seat in a single table freeroll WSOP satellite offering the winner a Series seat. Just another of the many stops on the long rambling journey for an elusive gold bracelet.
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