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remano
Joined: 20 Dec 2005
Posts: 717
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 Posted: Apr Wed 02, 2008 9:59 am Post subject: Terrible's may be headed for bankruptcy |
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If it happens, this will affect the Sands Regency, Rail City, Gold Ranch and a few more in the area. Which ones am I missing? The biggest cause seems to be that they overpaid for the Primm casinos near Las Vegas, which are suffering from Indian casino competition in southern CA, followed by decreased revenues from the restaurant slot routes after the smoking ban.
More here:
http://www.lvrj.com/business/17216177.html |
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CaSwede
Joined: 28 Feb 2006
Posts: 866
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| Posted: Apr Wed 02, 2008 11:50 am Post subject: |
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I have been following the story also. In addition to the overpayment of the Primm properties, it looks like a case of too rapid expansion, being undercapitized, and a slow down in some core business. They bought the three Reno properties and Primm properties in a short period of time. They also own some casinos in the midwest, own casinos is some secondary markets in Nevada - such as Pahrump and Searchlight, and a chain of gas stations.
In the short term I do not see any changes for the Reno properties, but I sure hope they pull out of the financial problem. I am sure the employees are getting nervous. |
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lvbear584
Joined: 07 Jun 2006
Posts: 140
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| Posted: Apr Wed 02, 2008 3:46 pm Post subject: I hope they go bankrupt |
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To survive and prosper, the Reno properties need a better operator than the Herbst scumbags. Previous comments: http://www.thebeargrowls.com/?p=114
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Opinions and Commentary on the Gaming Industry: www.TheBearGrowls.com |
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