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Casino Fuels Harrah's Growth in Louisiana

NEW ORLEANS -- As reported by the Associated Press: "Just a few years ago, many doubted Harrah's New Orleans Casino would ever open. Then, it appeared that the gambling hall might not last.

"Today, Harrah's has not only survived, but it is making New Orleans something few thought the city would ever become: a tourist destination for gamblers.

"…Construction has begun on a $141 million, 450-room hotel just across the street from the casino's Canal Street site. Another $6 million has been spent to bring the buffet up to the 400-seat limit specified in state law and to install an upscale steakhouse. About 95 percent of the casino's 2,200 slot machines have been replaced in the past year.

"…The casino is on pace to easily surpass last year's fiscal year take of $277.3 million, and its winnings from gamblers in May -- $27.8 million -- gave it its best month ever. In terms of the industry as a whole, that would put Harrah's New Orleans in the middle of the pack among the 12 casinos in Atlantic City.

"…The growth of the New Orleans casino is only part of several recent business moves that have strengthened the position of Las Vegas-based Harrah's Entertainment Inc. in Louisiana.

"The company has just completed its $1.45 billion acquisition of Horseshoe Gaming Holding Corp., which owned the state's largest-grossing riverboat casino in Bossier City. Last year, Harrah's opened a slot-machine casino at its Louisiana Downs race track in Bossier City, which it bought, along with five individual investors, for $73.5 million in 2002…"

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