My Victor Orthophonic phonograph looked almost like that when I got it. Not quite that bad on the outside veneer, actually it looks really good from the outside, but the inside layers of wood are shot. I clamped and glued it the best I could, and it's sturdy, but you wouldn't want to move it around a lot because while the glue is holding, the rest of the wood is like balsa.
I don't use it as much as my XI, right now until I can find a cabinet, the cat's bed sits on top of it next to my desk, and that's where she sleeps all day
