Harrah era — [ edit ] The company's background can be traced to October 29,when Bill Harrah opened a small bingo parlor in Reno, Nevadaa predecessor to Harrah's Reno. Caesars Entertainment will shutter its Harrah's casino in Tunica on June 2, laying off as many as 1, workers.
Tunica has never fully recovered since casino government definition Mississippi River's flood broke the gambling habits of many patrons. The announcement lays clear the consequences of a relentless seven-year fall in gambling revenues among the county's nine casinos. Harrah's exit will cut against that strategy, and leave Tunica County and the state with less tax money.
AP -- The long decline of what was once the nation's third-largest casino market was underlined Wednesday when the largest casino in Mississippi's Tunica County announced it would close.
Get top headlines and a preview of the day ahead sent to your inbox!
Bill Harrah died on June 30, of complications from aortic aneurysm and cardiac surgery at the Mayo Clinic in Rochester, Minnesota. It was announced in August that Harrah's would run casinos in Cincinnati, Ohio and Cleveland, Ohio when they open in The three casinos will have over 8, rooms which can be directly connected to the arena.
Franklin's strategy to break out of Tunica's slump has been to increase the number of attractions for Tunica visitors, harrahs casino financials a Mississippi River museum with boat rides and a welcome center that doubles as a blues museum. Instead it developed Project LINQ inwhich calls for retaining and improving all existing buildings while adding a collection of about 20 restaurants and bars to be built along a winding corridor between the company's Imperial PalaceO'Sheas and Flamingo casinos, on the east side of the Strip.
But it seems unlikely that the other two local casinos, with 1, workers, can absorb the number of displaced workers. This change was intended to capitalize on the international name recognition enjoyed on the Caesars name brand.
What to Read Next
The vacant lots behind the casinos had been slated for a sports arena large enough to hold a professional basketball or hockey team. Spokesman Gary Thompson said Harrah's is losing money and the taxes on the property are "onerous.
The casino operating group's investors initiated litigation against the parent company, Caesars Entertainment Corp. But it's clear the recession has taken a toll, too. It has also spun some properties into other corporate entities in an attempt to improve harrahs casino financials capital structure.
It has its own convention center, golf course, an entertainment center for kids and the most hotel rooms in the area — 1, in three buildings. Holiday Inn at the time had interests in two casinos: Inthe joint venture announced they would build a 20, seat stadium behind the Bally's and Paris casino-hotels. Some switched to expanded gambling facilities at two Arkansas racetracks, including one in West Memphis, Ark.