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February 16, 2009 Desperation Move at Harrah's: In a move that bodes ill for the company's financial health, Harrah's Entertainment has asked for permission to draw down a third of its revolving credit line in order to fund corporate costs and "capital expenditures." These credit facilities are not intend to pay for day-to-day operations, so when a company makes this request (as Station Casinos did late last year), it is seen as a potential harbinger of a bankruptcy filing. Harrah's is laboring under $24 billion of debt. The costs of servicing that debt have driven Harrah's bottom line from profitable to leaking red ink.
Not surprising but disturbing. I've heard rumbling of this May being the month that all the commercial paper (morgtage, debt) hits the fan. I don't really know what to make of it but I just hope and pray that whatever it is, it does it's thing and then maybe we can all get back to building up our economy again. Watching this slow slide into oblivion is really hard.
I would never have thought casinos, with all the cash they take in would ever get into a mess like this, but then again, I never thought responsible banks could be in the position of having to borrow from us either.
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