Which would also translate into a 350 M upgrade plan
Harrah's New Orleans contract extension wins Senate support
Harrah's would pay $40 million upfront, 75 percent to the state and 25 percent to New Orleans. Additionally, the company's $60 million annual payment to the state would be boosted to $80 million.
2018-05-18
Reading time 37 seg
Harrah's would pay $40 million upfront, 75 percent to the state and 25 percent to New Orleans. Additionally, the company's $60 million annual payment to the state would be boosted to $80 million.
Harrah's won support from the Louisiana Senate for its bid to operate the New Orleans land-based casino for up to another three decades.
Senators voted 21-16 for the no-bid contract extension Wednesday, one more vote than needed. But the legislation's fate remains far from certain with only days remaining in the session, and the bill headed back to the House for review.
Under the terms backed by the Senate, Harrah's would get up to a 30-year extension - and make $350 million in upgrades.
In exchange, the state would get more money. Harrah's would pay $40 million upfront, 75 percent to the state and 25 percent to New Orleans. Additionally, the company's $60 million annual payment to the state would be boosted to $80 million.
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