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Advice to Harrah's: Leave Caesars Palace Alone
 Message was posted: 01:16 Jul 19th, 2006     
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By Liz Benston

Harrah's Entertainment isn't saying much about its plans to redevelop its center Strip properties. Details are expected this fall.

In the meantime, Strip watchers have some free advice.

For starters: Don't mess with Caesars Palace, arguably the world's best-known casino. It makes sense for Harrah's to tear down its time-warped, low-rent Imperial Palace, but elegantly middle-aged Caesars still is the opulent flagship and will stand up admirably to a new wave of ultrahip Strip developments.

While access to the mazelike property could be improved and its old-fashioned Strip frontage better exploited, Caesars doesn't need a makeover a la MGM Mirage's $7 billion Project CityCenter.

"Caesars is probably going to have its best year in the last 10 years," said Andrew Zarnett, a bond analyst with Deutsche Bank Securities. "Every day they wake up and think, 'How can we make this property better.' And the incremental cost of making it better is a lot more profitable than building a new resort from scratch.' "

The property has tumbled through various owners and has grown topsy-turvy but it "will always have a place in Las Vegas at the mid to high end" as long as the company continues to pump money into the property, Zarnett said. "People just love that brand."

Second piece of advice: Don't mess too much with cash cows Harrah's or Flamingo, either. Yes, they could use some cosmetic surgery but, based on the legions of slot players who flock to the hotels, the two properties are still alluring and there's no need to go under the knife - ahem, wrecking ball - to seduce young hipsters.

Harrah's base "is Middle America," Zarnett said. "It isn't the elite top 20 percent or the bottom 20 percent. They have a wide base in the middle."

Jeffrey Compton, a Las Vegas casino consultant, gives Harrah's a bit more credit than that. "Harrah's is very comfortable catering to the upper-middle class," he said. "They're not after whales, but they are moving up. They're good at upgrading their properties. They're not ones to buy a property and let it rot."

With dramatic developments up and down the Strip, it's time for Harrah's to look into the mirror and prepare for its next close-up.





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