It's hard to say without seeing the whole room, but if it is staying in that nook I would get a stand with a solid base that completely fills the nook from wall to wall, that complements the other furnishings in the room. That way the other electronics will be out of sight and the space will look more purposeful. You might even gain some storage space for guest amenities like fancy soaps, candies, etc. :)

Do you need the receiver and other gizmos? If not, replace the speakers with a soundbar and, as Lindsey suggested, get a base the width of the nook (that also hid the wires).

Are you sure you don't want to attach the TV to a wall or on a base somewhere else? You could then put a chair and small table, or something else in the nook which might look better.

-- amateur

If it were my equipment, and had to use what was there, i would repaint the stand to brighten up the corner. Pull it out a bit and hide the subwoofer in the corner behind it all. Ditch the center speaker, its not doing you any good in that space unless you have rear surround speakers. Place the other two speakers on stands so they dont look cramped on the stand, and do some wire management to hide as many wires as possible.

Yes, you can simplify and lose the speakers.

The issue is, in order to view a tv from a bed, it actually needs to be higher than you would normally view a tv. This appears to be quite low.

Could you please post photos of the entire room? Thanks.

In a small space like that I would consider a sound bar rather than the separate speakers.

I need to see the whole space.

You're not going to get helpful answers without photos of all four sides of the room so commentors can view other possibilities. Also, is this where just guests will be watching TV? If so, then smaller Craigslist TVs are a dime a dozen.

Looks like a game room not a guest room.

We would definitely get rid of the speakers, and perhaps try a console that has doors on it to cover all of the extra stuff. You might end up needing to use a dresser though so that someone in bed can see the TV.

I would ditch the stand and do two shelves that span the width of the wall, TV on top shelf, amp/ dvd on second shelf. Speakers on floor underneath. Alternate, three shelves with a sound bar just under TV shelf.

I think we all need to stop answering since the poster seems to have left the building.

Sell those speakers on Craig's List and replace with a sound bar. TV needs to sit on a credenza 25% wider than the TV.

Sorry, but sound bars suck unless you don't care about sound. If "good enough" is ok for you, then my all means, replace with a sound bar. If you actually like sound quality, then separate speakers are a requirement.