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Harrah’s casino in bankruptcy

Friday, Jan. 5, 2001 | 11:01 a.m.

THE ASSOCIATED PRESS

NEW ORLEANS -- JCC Holding Co., the owner of the money-losing Harrah's New Orleans casino, has taken Step 1 in its effort to transform itself into a profitable business: It went to bankruptcy court, as expected, to reorganize its huge debt.

The next steps will be much more difficult: persuading the Legislature to meet in special session and grant a cut in its huge annual tax.

One factor in lawmakers' decision may be a report by Legislative Auditor Dan Kyle. Kyle has sent an audit of the casino's finances and public release of the findings was expected today.

The audit apparently paints a dark picture of the casino's financial situation.

On Thursday, JCC Holding announced that it was filing for reorganization in federal bankruptcy court. The casino will remain open at least through March 31st when Harrah's Entertainment Inc. of Las Vegas, a major investor in the casino, stops guaranteeing daily payments of the casino's $100 million minimum annual tax.

Harrah's Entertainment operates the casino for JCC Holding and owns 43 percent of it.

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