{"id":4463,"date":"2019-04-26T08:05:27","date_gmt":"2019-04-26T08:05:27","guid":{"rendered":"https:\/\/www.casinosrealmoney.com\/news\/?p=4463"},"modified":"2019-04-26T08:05:27","modified_gmt":"2019-04-26T08:05:27","slug":"harrahs-casino-new-orleans-30-year-license-renewal","status":"publish","type":"post","link":"https:\/\/www.casinosrealmoney.com\/news\/harrahs-casino-new-orleans-30-year-license-renewal\/","title":{"rendered":"Harrah’s Casino New Orleans 30-Year License Renewal"},"content":{"rendered":"

Harrah’s New Orleans could be set to have its license extended for 30 more years<\/a> for just a little over $10 million a year. The casino, which happens to be the only in Louisiana, is likely to have the extension of its licenses approved before the state lawmakers take a break later in June this year. However, it is worth noting that the 30-year license extension will cost the company a total of $325 million in investment funds plus additional tax payment \u2013 this is perhaps why it is such a big deal.<\/p>\n

As it stands, the bill is being considered by the Louisiana House authorizes the 30-year extension so long as Harrah’s owner, Caesars Entertainment<\/a>, agrees to make the aforementioned $325 million capital investments. Moreover, this would have to be completed by July 2024 when the casino’s current license expires.<\/p>\n

The value of the license is estimated at $294 million which is over $130 million above what the House valued it at last year in a renewal bill that eventually failed in the legislature. Last year’s negotiations stalled in the Senate where the lawmakers increased the license value to the state to about $500 million. According to House Speaker Taylor Barras, R-New Iberia, who authored the bill, the House “didn\u2019t quite have all of the facts when the bill left here.”<\/strong><\/p>\n

To fix this, the judge and Senate President John Alario, R-Westwego met following last year’s session and they agreed to involve a third-party consultant who would assist in determining the value of the license<\/a> so as to ensure that the state got the very best deal.<\/p>\n

How Are the Payments Are Going to Be Made?<\/h2>\n

The first payment will be a $25 million upfront fee that will be paid out when the approval is granted and the associated contract is executed. The state will receive $17.5 million of this initial payment while the remaining $7.5 million will go to the city of New Orleans.<\/p>\n

Next, the operator will pay $40 million over three years and this particular payment is connected to an option for a real estate trust to purchase the Harrah’s Hotel.<\/p>\n

There will then be $9.4 million in annual payments for 35 years with $6 million paid to New Orleans for what is being referred to as “support services”<\/strong> while the remaining $3.4 million will help in closing a shortfall in the state’s education funding. In addition to that, there will be a $3 million annual license fees payable as from 2022.<\/p>\n

The Keystone State is then guaranteed to receive a minimum of $60 million in taxes every year \u2013 this will increase to $65 million in 2002 with 10 percent of the money going to teacher pay and the K-12 education.<\/p>\n

Finally, a projected $8 million in rent, property and sales taxes will be paid to New Orleans.<\/p>\n","protected":false},"excerpt":{"rendered":"

Harrah’s New Orleans could be set to have its license extended for 30 more years for just a little over $10 million a year. The casino, which happens to be the only in Louisiana, is likely to have the extension of its licenses approved before the state lawmakers take a break later in June this […]<\/p>\n","protected":false},"author":4,"featured_media":4464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[175,19,130,23,176],"class_list":["post-4463","post","type-post","status-publish","format-standard","hentry","category-business","tag-caesars-entertainment","tag-casino","tag-harrahs","tag-license","tag-new-orleans"],"acf":[],"yoast_head":"\nHarrah's Casino New Orleans 30-Year License Renewal - Casinos Real Money News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casinosrealmoney.com\/news\/harrahs-casino-new-orleans-30-year-license-renewal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Harrah's Casino New Orleans 30-Year License Renewal - Casinos Real Money News\" \/>\n<meta property=\"og:description\" content=\"Harrah’s New Orleans could be set to have its license extended for 30 more years for just a little over $10 million a year. 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