New Orleans deal approved

Thursday, Nov. 21, 2002 | 10:59 a.m.

BATON ROUGE, La. -- The Louisiana Gaming Control Board approved a $54 million deal to let Harrah's Entertainment Inc. of Las Vegas take full ownership of New Orleans' land-based casino.

In July, Harrah's worked out a deal with the casino's separate ownership company, JCC Holding Co., to buy the 37 percent of JCC Holding stock that Harrah's did not already own.

The state's gambling board gave its blessing to the deal Tuesday.

Harrah's paid $10.54 per share for the outstanding stock, which will be assigned to a Harrah's affiliate. Harrah's held 49 percent of JCC Holding until June, when it upped its share to 63 percent and told federal securities regulators that it wanted to take total control of the company.

As sole owner, Harrah's will more easily expand operations in the downtown gambling hall, said Anthony Sanfilippo, president of Harrah's central division.

"Things are looking very positive for the future growth of the facility," Sanfilippo said.

Harrah's also won approval from the board to refinance the casino's remaining bonded indebtedness of about $124 million.

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