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Yet another reason for Rendell and BO to talk about how great Harrah's is.
They actually lost $$$ ($142M) for the quarter. They must have had some incredibly high extraordinary one time charges or costs to shut down discontinued operations.
I have the hard copy (2/10-16) PBT in front of me. Harrah's S&P bond rating is BBB (stable rating). IoC is BB- (negative rating). Majestic Star is B+ (negative rating). Harrah's has a debt to equity ratio of 1.79. IoC is 4.81. Majestic Star is negative. Harrah's has a $2.71B borrowing capacity as of 9/30. IoC is $400M as of 10/23. Majestic Star is $40M as of 9/30.
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Unfortunately for the IOC, Harrah's is definitely a more financially sound company.
Of course, with the way they are overstating their revenue estimates, their balance sheets are probably overstated as well.
Sam's Drunk Dog
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Harrahs is definently the larger of the companies compared to the IOC. No one ever was fighting that.
They will make more revenues with their multiple locations. It doesn't mean they can produce that much revenue in Pittsburgh though. The thing they got for them is the capital to back any shortfalls.
As long as the IOC is making money, then they should be ok.
This is the things Onorato and O'Connor are going to look at for their due dilegence.
This is definitely what Rendell and O'Connor will use though.
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