Gaming News

Harrah's Cherokee expansion moves ahead

CHEROKEE, North Carolina -- As reported by the Asheville Citizen-Times: "Harrah's Cherokee Casino will move ahead with a $650 million expansion despite a national downturn in the gambling industry, company officials said.

"Casino companies from New Jersey to Louisiana and Mississippi have sought bankruptcy protection this year as a sour economy, airline troubles and $4-a-gallon gas keep customers at home.

"Harrah's Cherokee — one of Western North Carolina's largest employers with 1,800 workers — has had fewer customers and flat revenues this year, said Leeann Bridges-McHattie, vice president of marketing.

"...The casino, like other gambling companies, is betting on an economic turnaround in the next four years. An expansion scheduled for completion in 2012 will double its gambling floor space and turn Harrah's Cherokee into a resort-like destination, company officials have said.

"...Casinos once were considered recession-proof. But this year has seen gambling stocks sink.

"...In the past, tribal operations have enjoyed 15 percent growth.

"Harrah's Cherokee is in line with the trend, reporting a 5.6 percent increase in revenue with $252.9 million in 2007 over $239.3 million the year before, according to its annual community report..."

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