Sale of New Orleans riverboat is complete

Wednesday, June 8, 2005 | 9:17 a.m.

Harrah's Entertainment Inc. said it has completed the sale of its Bally's Casino New Orleans to an affiliate of Columbia Sussex Corp. for about $24 million.

Louisiana Gaming Control Board unanimously approved a transfer of the Bally's license Tuesday.

Caesars Entertainment Inc. has said that the previously-announced sale was envisioned before Harrah's announced it would purchase Caesars. But analysts said the sale, along with sales of several other Caesars and Harrah's properties in recent months, could help appease antitrust regulators who are still scrutinizing the $9.4 billion deal. These assets -- not the best performers in the companies' portfolios -- also will help clean up Caesars' balance sheet in advance of the transaction, analysts said.

Caesars doesn't expect to record any material gain or loss on the transaction.

Fort Mitchell, Ky.-based Columbia Sussex, a privately-based owner of hotel properties nationwide, expects to make "significant improvements and changes to the property," President William Yung said in a statement.

The acquisition of Caesars still requires Federal Trade Commission and Nevada regulatory approvals and is expected to be consummated by Monday.