Issue 245
May 23 - May 29, 2005
Volume 5
page 2
 

Caesars to sell two Nova Scotia casinos
Associated Press

LAS VEGAS, Nevada - Casino company Caesar's Entertainment Inc. on Tuesday said it agreed to sell its interest in two Nova Scotia casinos to Great Canadian Gaming Corp. for about $70 million.

Under the agreement, a Caesar's subsidiary will sell its 95 percent ownership interest in Metropolitan Entertainment Group, the Nova Scotia company that operates the two casinos. Caesar's said it expects the deal to close by the end of the second quarter, subject to regulatory approval and closing conditions.

The properties -- Casino Nova Scotia Halifax and Casino Nova Scotia Sydney -- include between them more than 1,100 slot machines and 50 table games, four restaurants, two bars and conference facilities.

British Columbia-based Great Canadian operates casinos, racecourses and restaurants in Canada. Caesar's Entertainment owns 24 casinos resorts in the U.S. and abroad. In July 2004, Caesars accepted an acquisition offer from Harrah's Entertainment Inc. valued at $9.4 billion in cash and stock.

On March 11, shareholders of both companies approved the merger, which is expected to close in the second quarter, pending federal and state regulatory approval.

 

 

 


Gaming commission approves site for Cuba-themed casino
As reported by The Sun Herald

JACKSON, Mississippi - The Mississippi Gaming Commission has approved a 10-acre site on Biloxi's Back Bay for the $250 million Havana Casino Resort.

The project is being developed by Las Vegas-based Onnam Entertainment Inc. The site is north of New Palace Casino.
Developers plan to ask the commission to OK plans for the casino in July, said Dan McDaniel, the resort's attorney.

"We hope to receive the authority to proceed shortly thereafter from the commission," he said Thursday.

The development will include a 17- or 18-story hotel with 465 rooms and 35 suites; a 60,000-square-foot casino with 1,600 slot machines and 40 table games; a buffet, coffee shop and three additional restaurants; and a 1,500-seat theater, said David Cacci, president of the development team.

"We hope to have shovels in the ground in September and to open 15 months after that," he said.

The resort will have about 1,700 employees.

Twelve casinos are located along the Gulf Coast and two others are under construction. Nearing completion and expected to open this fall are the $235 million Hard Rock Casino in Biloxi and the $50 million Silver Slipper Gambling Hall & Saloon in Hancock County.

Havana Casino Resort will include a recording studio, wedding chapel - "so you can get married in Havana" - and vintage cars from Havana's heyday in the 1950s and 1960s that will be for sale, said Sandra Manno, who is among principals associated with the development.

Harrah's to begin hotel construction
As reported by The Southern Illinoisian

METROPOLIS, Illinois - Harrah's casino representatives and Metropolis city officials plan to break ground this week on a new multi-million dollar hotel and entertainment complex, which when finished is expected to bring in an additional $1.3 million in the city's property taxes.

The on again-off again construction project is slated to begin Wednesday, with Pepper Construction, out of Chicago, as the contractor. Officials say the facility will take about one year to complete and could open as early as next summer.

Metropolis mayor Billy McDaniel said early estimates stated the project would cost $62 million, but given some of the delays and increased price of construction material, the final bill for the facility will likely be higher.

"It will be several million dollars more than they anticipated," McDaniel said.

Preparations the city has made for the new complex have also given officials some steep bills in recent years, particularly in readying infrastructure around the site of the future.

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Brad Garrett

Tropicana Casino and Resort: Stand-up comedian Brad Garrett performs at the Tropicana Casino and Resort, Atlantic City. Best known for his role as the jealous brother on "Everybody Loves Raymond," Garrett has also worked at The Sands Hotel in Las Vegas with Frank Sinatra, Caesar's Palace with David Copperfield, and Smokey Robinson, Harrah's with Sammy Davis Jr. and the Beach Boys, and Radio City Music Hall with Julio Iglesias.

Date: September 3-4

Ticket Prices: Starting at $35

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