Las Vegas Sun

November 14, 2009

Currently: 60° | Complete forecast | Log in

Louisiana officials prepare for Harrah’s tax cut

Wednesday, March 29, 2000 | 11:02 a.m.

THE ASSOCIATED PRESS

BATON ROUGE, La. -- A House committee decided Tuesday to renew for only one year the money New Orleans gets for police and other services at Harrah's Entertainment Inc.'s casino in case the casino's $100 million annual tax is cut.

Rep. Vic Stelly, chairman of the House Appropriations Committee, said he has heard reports that the casino will ask the state to reduce its tax to $60 million a year.

New Orleans gets $6 million annually from the state to pay for casino support services. Stelly and others said they wanted only a one-year renewal and the committee agreed, sending the amended bill to the House floor.

If the casino owner somehow gets a tax reduction in the next year, then the city's share should also be reduced, Stelly said.

Though revenues at the casino have been increasing at a brisk pace, the heavy tax bill has prevented the casino from becoming profitable, prompting several Wall Street analysts to call for Harrah's to pull out of the project next year.

Harrah's has a 43 percent interest in the casino's holding company. Company officials have repeatedly complained that the $100 million license fee is unfair and excessive, and have hinted they will seek a reduction early next year.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 14 Sat
  • 15 Sun
  • 16 Mon
  • 17 Tue
  • 18 Wed

All events on Saturday »