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Harrah's Moving Forward With $193 Million Expansion11 October 2001ATLANTIC CITY, New Jersey –– As reported by The Press of Atlantic City: "`Without question' Harrah's Atlantic City will complete $193 million plans for a fourth hotel tower, enlarged casino and grand entryway, a top executive told gaming regulators Wednesday. "Chief Financial Officer Tony Rodio said Harrah's was ahead of its profit goals through August, then watched business decline between 15 percent and 20 percent for two weeks following the Sept. 11 terrorist attacks. "…The attack aftermath will not affect Harrah's plans for a $113-million, 452-room hotel tower and 1,200-space parking garage scheduled to open in April, Rodio said. Nor, he added, will it stop an $80 million plan to build a new lobby, entryway, 28,000-square-foot casino expansion and outdoor park. "Rodio noted that Harrah's is the biggest moneymaker among 25 casinos owned or operated by Las Vegas-based Harrah's Entertainment Inc. "The Casino Control Commission, convinced of Harrah's financial might, unanimously allowed the casino to take a $650 million intercompany loan. Proceeds will eliminate a $500 million intercompany credit line and help fund the expansions…" |