Issue 114
November 18-24, 2002
Volume 3
page 1
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This Issue

Gaming News
Barona Valley Ranch Resort Ready for Launch

Harrah's To Take Charge for National Air Closure

InterCasino Takes Home Gambling's Oscar

Mississippi Casinos Go Cashless

Construction Continues at The Venetian


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India Arie will performa at the Grand Garden Arean at MGMG Grand Hotel Casino on November 23

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Barona Valley Ranch Resort Ready for Launch

SAN DIEGO, CA - The Barona Band of Mission Indians is set to launch a new resort and casino - a $260 million undertaking - designed to rival anything in Las Vegas.

"Barona will be the first casino in San Diego to follow the Nevada gaming tradition of putting it all under one roof - casino, hotel, restaurants and more. When it's open, it will likely become a major economic force in San Diego County," 10News reported.

The spacious 315,000 square feet of Barona Valley Ranch Resort and Casino's sophisticated dining establishments and exciting casino games, designed to reflect the flavor of 1930s ranch living and the origins of the Barona Band of Mission Indians, is enhanced by the availability of additional gaming and entertainment features. An accommodating new 125-seat off-track betting area guarantees that fans will never miss the excitement of a horse race. Founders Hall, an expansive multipurpose room with 20,000 square feet of fully-equipped event space and multimedia support, can easily facilitate meetings and special events, or function as a concert venue. The intimate Branding Iron Cafe allows guests to relax and observe the excitement from its quiet, comfortable ambience, which includes outdoor seating and views of the Barona Creek Golf Club.

Eight stylish dining establishments, including the Barona Oaks Steakhouse and 850-seat Ranch House Buffet featuring patio dining and sweeping views of the award-winning Barona Creek Golf Club ­ join 2,000 Las Vegas slot, video poker and video keno machines and 52 exciting table games.

Blackjack fans will appreciate the challenges afforded by Barona's single deck, Double Deck and even six deck games, all featuring

Baron Valley Ranch Resort
The $260 million expansion already celebrated by Strictly Slots and Blackjack Forum as San Diego's finest.

surrender, and the thrill of California's highest limit. Poker players can ante in at Pai Gow Poker, Three Card Poker, or Caribbean Stud Poker, battle it out in a suspenseful game of Casino War, or just Let It Ride. An 11-table poker room featuring 7-card stud hi/low (8 or better), Omaha hi/low (8 or better), and Texas Hold 'em will offer challenging propositions for all players.

Already one of the most successful casinos in California, the new Barona Valley Ranch Resort and Casino adds to its solid foundation of exciting entertainment with additional premium services, including the General Store gift shop, food court, and the acclaimed Barona Creek Golf Club, rated California's 4th best golf course by Golfweek magazine.


Harrah's To Take Charge for National Air Closure

LOS ANGELES - Casino operator Harrah's Entertainment Inc. said on Nov. 12 that it would take a fourth-quarter charge of up to $6.5 million to cover its exposure to Las Vegas-based National Airlines, which has shut down.

Las Vegas-based Harrah's also said in a filing with the Securities and Exchange Commission that since voters extended gambling in an Iowa county it would pay in the fourth quarter an additional $50 million for its acquisition of Harveys Casino Resorts, which does business in Iowa.

Bankrupt National quit flying last week after extended negotiations on a financing package fell through.

Harrah's exposure to National through a $12.25 million letter of credit had been widely known. Harrah's, which wrote off an earlier equity investment in National, had shared the credit exposure with an unidentified, third party investor that made a deal with Harrah's.

"As a result of this settlement with the investor and our anticipated funding of the letter of credit following NAI's (National's) cessation of operations, we expect to record a charge of $5.5 million to $6.5 million in fourth quarter 2002," the company said.

Separately, voters in Pottawattamie County, Iowa, voted last week to allow gambling to continue, leading to the extra $50 million payment in relation to the purchase of Harvey's.

"It had been anticipated," spokesman Gary Thompson said.

Harrah's bought Harveys Casino Resorts in July 2001 for $294 million and assumed about $350 million in debt. It also agreed to pay another $50 million for the acquisition if the Iowa ballot measure passed.

Harrah's bought four casinos in the Harvey's deal, two of which were in Council Bluffs, Iowa.

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