Harrah's Entertainment to sell Gulfport casino assets

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Author: CityBusiness Staff Report

Story Type: News

Harrah's Entertainment, Inc. announced it has signed a definitive agreement to sell the assets of Grand Casino Gulfport to Gulfside Casino Partnership, subject to regulatory approvals. The purchase price was not disclosed. Harrah's acquired the Grand Casinos in Gulfport and Biloxi, Miss. as part of its acquisition of Las Vegas-based Caesar's Entertainment, Inc. earlier this year. Both casinos suffered heavy damage during Hurricane Katrina and are closed indefinitely.Gulfside Casino Partnership is owned by Reno, Nev.-based Sands Regent, which owns the Sands Regency hotel and casino in Reno. The company also owns the Copa Casino gaming vessel in GulfportThe agreement calls for the assets to be sold in an "as is" condition, with Harrah's retaining all insurance proceeds. The transaction is expected to close by the end of the first quarter of 2006. "We are fully committed to this state, and are excited about the opportunity to design and develop a first-class resort at our Biloxi site that will complement our substantial entertainment offerings in northwest Mississippi," said Anthony Sanfilippo, president of Harrah's central division. "And by selling these assets to our neighbors in Gulfport, we will give the owners of the Copa Casino site the additional space they need to develop an ambitious project of their own. This agreement is a significant step toward the rebuilding of the Mississippi Gulf Coast."

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