From a few things I read today there was some talk of them reselling to someone else. I suppose after stripping assets that they wanted, ie. name and WSOP. However from the little that I know, just from all the reading over the last few days, this is how I see things going.

First, I think Harrah's stepped in because from the appearance, not including debts to suppliers, landlords and vendors that haven't been disclosed, there seems to be about $15m to $20m of debt in addition to a $19m Prommisory note. The promissory note was to Jack for his share of The Horseshoe and was an asset that Jack sold along with Horseshoe Gaming to Harrah's. Therefore, Harrah's already, in effect, owned about half of The Horseshoe's Debt which was secured by the property itself. Becky was already in default on that debt by not making any payments, for I think was reported to be 2 years. The debt load on the property, as is, was reported to exceed the value of the property. With Becky being in default on "The Note", and that note being SECURED by The Property, Harrah's, I figure, could have shut them down and taken the property at any time. That would probably involve lengthy lawsuits, court appearances etc. So, they probably paid Becky something to make her give in and go away quietly. When you already own over half of the debt how much more do you have to loose. Without The Horseshoe being open that $20m note is a worthless asset in the Horseshoe Gaming deal.

All the above points considered, I see Harrah's, with all their resources and experience, like a developer and a run down house, going in there, paying down or off the debt, re-establishing the bankroll and fixing the problems. Maybe rehabing the property. Maybe restoring it to more of what made it popular in it's better days. Then they might reopen the casino to rebuild and re-establish it as a popular destination. Maybe Jack, with his experience and intimate knowlege of the business and property, will be involved in that. Then, if they don't want the property, they would have a stronger and more valuable asset that they can sell off. I see an enormous amount of public relations involved in the Harrah's move as well. There are a lot of employees that are in limbo. They would probably be excstatic over the prospect that Harrah's will keep them hired and continue to pay them. Harrah's also, reportedly, will be paying off those union benefits that were unpaid by Becky. Fremont Street will have a more experienced and bankrolled partner for the Fremont Street Experience. A partner that will actually pay the bills and might start drawing customers again. Vendors and suppliers will have more confidence that they will be paid for their services and that someone will be there to demand their products and services. Whether the customers will notice an improvement is yet to be seen. I would venture a guess that it can't be any worse than what Becky did to the property.

Back to PR, The Union seems to be happy, The city seems happy, Some employees should be happy. Fremont street shouldn't realize that gaping dark hole in the neon for too long.

The quicker they can get the place cleaned up and back open the less harm to the employees and the faster that Harrah's can start to recoup their investments.