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Bally's Asks for Lease Concessions2 July 2003NEW ORLEANS, Louisiana – As reported by the Associated Press: “Saying that losses are mounting while revenue is dropping, officials with Bally's Casino are asking for lease concessions from the dockside gambling hall's landlord, the Orleans Levee Board. “The proposed deal would cost the flood control agency nearly $900,000 a year in future payments, levee agency officials said. “During a board meeting Tuesday, Bally's officials said the casino, located on Lake Pontchartrain, had losses totaling $11.5 million between 2000 and 2002. During that time, annual gross gambling revenue has declined from $65.2 million to $57.3 million. “…Roscoe Greene, Bally's general manager, said the red ink is continuing to mount as the casino struggles to compete with Harrah's New Orleans Casino, nearby riverboat casinos in Kenner and Harvey and the Mississippi Gulf Coast. “…Bally's current agreement calls for the casino to make set lease payments and share its gross gambling revenue. “…Bally's wants to eliminate terms written into the lease that would boost the casino's annual payments to the agency by $876,000 beginning this fall.” |