Harrah’s ups casino bid to $520 million

Thursday, March 11, 2004 | 11:11 a.m.

CHICAGO -- An auction between three companies seeking to buy Illinois' 10th casino license closed this morning, with Harrah's Entertainment Inc. of Las Vegas as the highest bidder.

The auction closed around 1:30 a.m. when the companies submitted final bids in writing to the Illinois Gaming Board, spokesman Gene O'Shea said.

Harrah's final bid was $520 million, Isle of Capri offered $518 million and Midwest Gaming bid $476 million, O'Shea said.

Harrah's also announced it plans to open its casino within 12 months after Gaming Board approval, O'Shea said. If the opening is delayed, Harrah's will pay a fine of $500,000 a day up to $105 million, O'Shea said.

The board planned to choose the winning bidder Monday. It had previously picked Harrah's Entertainment Inc. as the leading bidder to make the auction more competitive, O'Shea said.

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