Caesars agreed to terms with the House to continue its $60 million annual payment during the 30-year extension.<\/p>\n
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The casino operator said in exchange for the extension, it would invest $350 million in building a second hotel tower with 340 guestrooms, spa, nightclub, and roof space that would cover a one-block stretch over Fulton Street.<\/p>\n<\/div>\n
Caesars says the expansion would create 600 additional full-time jobs and generate millions of dollars in supplemental tax revenue for the state.<\/p>\n
The City of New Orleans actually owns the Harrah’s property, and leases the building back to Caesars.<\/p>\n
Caesars says its $350 million investment might be withdrawn should the company be forced to pay the state $20 million more per year, or $600 million, during the 30-year extension.<\/p>\n
More Info Needed<\/b><\/h2>\n
The editorial team at The Advocate<\/i>, the largest news outlet in Louisiana, recently called on lawmakers to slow down before deciding on such a lengthy extension.<\/p>\n\n“The casino contract for Harrah’s is one of the most important decisions that the state will make for decades,” the op-ed declared. “It is being rushed through the legislative process, even though the current contract is not up for six years.”<\/strong><\/p>\n<\/blockquote>\nSen. Jack Donahue (R-Mandeville) said he agrees this week, telling The Advocate<\/i>, “It may be a good deal, but I don’t know that. The only way I can tell is if we had somebody who we hired do an analysis of the project.”<\/p>\n
Governor John Bel Edwards (D) said the Harrah’s split in the legislature is simply part of the process and important in making sure the state gets the best deal possible.<\/p>\n
“I’m going to reserve final judgement until a bill hits my desk,” the governor stated this week. “I can tell you I generally favor anything that would invest $350 million in our state.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Louisiana lawmakers are divided on the best way to proceed in extending the contract for Harrah’s New Orleans, the state’s lone land-based commercial casino. On Wednesday night, the Louisiana Senate amended House Bill 553 to increase Caesars Entertainment’s annual payment to the state from $60 million to $80 million. Caesars is the parent company to […]<\/p>\n","protected":false},"author":25,"featured_media":78098,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,18,61,13592],"tags":[],"acf":[],"yoast_head":"\n
Louisiana Lawmakers Disagree on Harrah's New Orleans Extension<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n