Honestly, yesterday I did not make two calls I should have made.
I should have checked on the horrible and tragic goings on with Wayne Newton who has been dealing with family misfortune on an epic scale even as process servers show up to his house to evict him. The Kats Report made the calls that I was not up to making and you can read the sad story here.
The other story, all credit to Steve Friess on Vegas Happens Here. Friess not only found this story on FT.Com but was able to decipher key sentences like “The borrower tripped covenants last year on its Libor+ 250bps USD 380m revolver due October 2010.” In short, Friess decoded that Harrah’s was picking up Palms’ debt in an apparent attempt to take over the casino from owner George Maloof. Friess then reached Maloof who responded sharply with “”They’re not going to take over my company.”
I hope not.
The Newton tragedy is easy to understand on the most human level. From his life events to finances to his performances of the last decade, this is such a sad and very public twilight for the man who has brought so much joy to so many. Newton earned the nickname Mr. Las Vegas.
I really am not in a position to address the grief in his family beyond hoping, along with all Las Vegas, for the health of his daughter and latest grandchild.
The Palms situation needs some explaining. And, I will soon have up a closer analysis posted here.