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Harrah’s Entertainment Signs Provisional Agreement
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Harrah’s Entertainment Inc, the world’s largest gaming company and owner of four Atlantic City casinos, has signed a tentative agreement to try and salvage the troubled Foxwoods casino project proposed for Philadelphia by operating and investing in the project.
Harrah’s will take a minority stake and manage the casino which is being developed by Philadelphia Entertainment & Development Partners.
The four Atlantic City casinos belonging to Harrah’s Entertainment have been hit hard lately from a cutback in consumer spending and from the siphoning off of revenue caused by the nearby Pennsylvania casinos.
It is the opinion of State Sen. Raymond Lesniak, who supports bringing video lottery terminals to the Meadowlands, that Harrah’s only interest was its’ corporate bottom line in Nevada and that they are not concerned with Atlantic City or New Jersey. Lesniak feels Harrah’s Entertainment had made a corporate decision that more money would be made in a casino in Philadelphia than what they would lose by draining it from Atlantic City.
The first slot parlor opened in Pennsylvania in 2006 after casino gambling was legalized in 2004 and the first casino with table games was opened this year.
Harrah’s Entertainment is the owner of the Harrah’s Chester Casino & Racetrack in Pennsylvania and has evidently been discussing what role it could play in the proposed Foxwoods casino for quite awhile.
The new plan involving Harrah’s would resurrect the Philadelphia casino project in a scaled-down version and it is expected that 1,500 slots and 70 table games will be opened within 20 months.
The tentative agreement is subject to Harrah’s getting regulatory approvals and financing.
