I just became aware of reports that Harrah's Entertainment has taken over some of the debt of the Palms and may have its eyes on taking over the property, as it recently did to Planet Hollywood. The Financial Times published a fairly detailed story on Feb. 24 and the Las Vegas Sun Web site carried a brief summary the following day. Sun readers posted some interesting comments on the story. (Incidentally, the Sun failed to note that the Greenspun family, which owns the paper, also has a small stake in the Palms.)
To say the least, a Harrahs takeover of the Palms would not be good news. The Palms is a unique casino that serves a diverse group of Vegas locals and visitors in ways that no Harrah's property does or could.
On the other hand, Harrah's, the owner of a number of Strip properties and the Rio, has consistently shown nothing but contempt for local gamblers. Its games are among the worst and its comps are among the stingiest. Most of its properties (Harrah's, Flamingo, Imperial Palace, the abominable O'Sheas) are second rate or worse. Harrah's uses Vegas largely as a reward for players at its casinos in other parts of the country, who fill its rooms here, paying little or nothing. They certainly don't come for the 6-to-5 blackjack or Colorado deuces.
If Harrah's takes over the Palms, the changes will come quickly, and they will be drastic. The result will be what a blackjack dealer at Caesars Palace told a player there after Harrah's changed the rules: "This used to be one the best places to gamble. Now it's one of the worst."
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