Trading in JCC Holding stock halted

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Friday, Nov. 17, 2000 | 10:56 a.m.

THE ASSOCIATED PRESS

NEW ORLEANS -- Trading of stock in JCC Holding Co., the owner of Harrah's New Orleans Casino, has been stopped indefinitely by the American Stock Exchange after the company filed a report about its proposed reorganization that calls for eliminating all current stock holdings.

Trading will not resume until future financial filings with the Securities and Exchange Commission indicate that JCC Holding is more financially stable, the exchange said.

Separately, Louisiana officials may be willing to reduce the annual state tax paid by JCC from $100 million to as little as $60 million from $100 million, the Times-Picayune newspaper reported today.

JCC, which is controlled by Harrah's Entertainment Inc. of Las Vegas, said Monday it might seek bankruptcy protection to eliminate about $500 million in debt. State Commissioner of Administration Mark Drennen said the annual tax could be reduced to $60 million to $70 million a year, the paper reported.