re: Should Harrahs get a Contract Extension for New Orleans - Deal Dead

I wonder if other companies would bid against Harrahs?

If so it wouldn't hurt to listen.

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I wonder if other companies would bid against Harrahs? If so it wouldn't hurt to listen.

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I would love to see the state do this. Open it up to several different proposals/bids, and then try to get a higher return. We have six years before the contract is up.

Six years is shorter than some car payments. A lot can change in the gaming industry between then and now, especially if they extend this to 2054.

I am okay with removing the restrictions that were in the initial gaming law, but I am dead set against any new or extended contract. Some of those restrictions should have never been on the books.

Just like how the state is reconfiguring other gaming establishments to be limited by number of gaming positions instead of footage. I agree with this as I hate to say this, but I have seen some huge machines at some casinos.

Also, I don’t know if this is a Louisiana law or just a configuration or security issue where no one under 21 is allowed on the gaming floor even if they are accompanied by an adult. So at places like Harrahs you cannot bring children to go eat at their buffet. You can do it if it is at one of the outlying eateries.

In Mississippi, this is not an issue where you can be walking with your kids right near the tables and slots or standing in line waiting to go eat.

Listen people, the politicians are on Harrahs payroll. They want what's best for Harrahs (and their pockets), they could not care less about NOLA.

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they could NOT care less about NOLA.

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Should Harrahs get a Contract Extension for New Orleans

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Absolutely. Harrah's/Cesar's is the premier gambling group. The only one close is MGM and if they took over nothing would benefit the state financially so keep it how it is for continuity. Harrahs has and will invest a lot of money into that property.

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Absolutely. Harrah's/Cesar's is the premier gambling group. The only one close is MGM and if they took over nothing would benefit the state financially so keep it how it is for continuity. Harrahs has and will invest a lot of money into that property.

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I just don’t buy this. Especially, after Harrahs Cesar’s bankruptcy record. I know they kept the New Orleans property out of the last bankruptcy.

Actually, since the start Harrahs has treated the New Orleans property as a separate entity in its books. Primarily too keep it from being a drain on its portfolio especially in the early years with its high taxes and debt from building its facilities and failed temporary casino which declared bankruptcy after just a few months of operation. Also, who can forget the numerous delays and over runs in construction, and the eventual dropping of the 100 million dollar minimum in taxes to 60 million.

Also, if memory serves me right, Harrah’s won the deal without the lease to the Rivergate and was “forced” by state officials into creating a joint partnership with the lease holders who was the other bidder.

Harrahs may be a worldwide brand but it has the track record of a Sears instead of an Amazon.

Hard Rock Hotel & Casino will be in New Orleans soon.

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if they would add an area for live entertainment

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Wuuuuuuut?

I'm torn on this. I think the current setup with Harrah's works well. I don't want NOLA to become a gambling city - I think the fact that we are a city with lots of great attractions - gambling being one of them - is perfect.

I do think the limit on 15 boats needs to go away, and I also think we should do like MS and stop requiring an actual moveable boat.

I can understand why Harrah's wants an extension, if they are going to make major investments.

I would imagine moving Harrah's out and another operator in to the Rivergate would be a massive undertaking.

I'd let them have the extension, and let the other companies do better boats.

Looks like our “do nothing legislature” left this one alone this year. But not without true Louisiana politics showing its ugly head and a deal that no one liked almost got passed.

I doubt Harrah’s will start on their improvements to their facilities now but at least now a better deal or an open process can be used to open the license to a bidding process and allow others to bid on the license.

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