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JCC Holding Company Emerges From Bankruptcy

Documents were completed and signed in New Orleans by the parties involved in the negotiations, including representatives from Jazz Casino Company, LLC, the casino owner, Harrah's Entertainment, Inc., Harrah's New Orleans Management Company, the Louisiana Gaming Control Board, the City of New Orleans, the banks and the bondholders.

With this action, the casino has now obtained all governmental and regulatory approvals, the amended casino operating contract with the State of Louisiana and the amended lease with the City of New Orleans are now in effect.

The revised casino contract guarantees the state a $50 million annual minimum payment from April 1, 2001 through March 31, 2002, and $60 million per year thereafter. The tax rate on gross gaming revenue is 21.5%. Changes to the contract also ease restrictions on the casino's food service and hotel operations.

Jazz Casino Company, LLC, a subsidiary of JCC Holding Company, has the exclusive license to own and operate the only land-based casino in Orleans Parish. Harrah's New Orleans Management Company, a subsidiary of Harrah's Entertainment has the contract with Jazz Casino Company to manage the casino.

The casino directly employs approximately 3,000 people earning wages, benefits and tips of over $100 million annually. The 100,000 square foot casino is located at Canal Street at the Mississippi River in downtown New Orleans and is adjacent to the French Quarter, the Aquarium of the Americas and the Ernest N. Morial Convention Center.

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