As
Omaha continues to announce plans for its new riverfront
development and convention center-arena, Council Bluffs, Iowa is
also making plans of their own. A $150 million convention
center-arena and entertainment complex known as the Mid-America
Recreation & Convention Complex will be built near
interstates 80 and 29 in the west end of the city.
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Harveys
Casino Resorts, who has already committed to help build and
contribute $7 million to the project, announced last week
that they are selling both Harveys
and Bluffs Run Casinos to Harrah's
Entertainment Inc.
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Harrah's
is a publicly traded company based in Las Vegas. A state board,
called Vision Iowa, will be asking Harrah's for a letter stating
they are prepared to honor the agreement previously made with
Harveys Resorts. Vision Iowa was created last year to put major
community attractions around the state. Although Harrah's may be
new to the Iowa gaming industry, nine of their existing
properties are riverboat casinos. Other Harrah's casinos reside
in Louisiana, California, Nevada, North Carolina, Indiana,
Illinois, Mississippi, Missouri, New Jersey and Arizona.
Although
Harrah's still needs to apply for a gambling license in Iowa,
their executives expect the transaction to close by the first of
August. After the deal, Harrah's will own 25 casinos in 12
states. They will also be expected to assume a $50 million
payment to the Iowa West Foundation if Pottawattamie County
voters approve the continuation of gambling in a November 2002
referendum.
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