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Harrah's pulls out of Bahamas resort

SAN JUAN, Puerto Rico -- As reported by the Associated Press: "U.S. casino operator Harrah's Entertainment Inc. has announced that it has pulled out of a six-hotel resort proposal in the Bahamas worth more than $2 billion because it has taken too long to organize.

"Harrah's had agreed to team up with developer Baha Mar Resorts Ltd. and Starwood Hotels & Resorts Worldwide (HOT) to create the mega-resort along Nassau's famed Cable Beach. But the U.S. casino company said Monday that plans for the ambitious complex have stalled.

"...Baha Mar Resorts asserted that Harrah's withdrawal from the deal was a breach of faith..."

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