Harrah's announces construction slowdown in Biloxi

Aug 5, 2008 7:00 PM

by Ray Poirier | Harrah’s Entertainment has announced it plans to slow down the construction of its planned Margaritaville Casino & Resort in Biloxi, Mississippi. The current credit crunch was given as the reason for the slowdown.

Another Harrah’s facility is having slowdown problems. The City of Metropolis, Illinois, said a decline in casino revenues has reduced its gaming receipts. Officials said casino revenues fell from $14.7 million to $10.3 million in June compared to 2007.

Analysts at Credit Suisse have downgraded the shares of Melco Crown Entertainment Ltd. (MPEL) from "outperform" to "neutral."

A New Jersey judge has ruled that because of improprieties the dealers at Trump Marina Hotel Casino in Atlantic City should be given a second union vote. They lost the first vote by eight ballots out of 350 ballots cast.

Officials at Landry’s Restaurants Inc. (LNY) announced that after months of searching they were not able to find any other interested buyers in the company that has agreed to be bought out by CEO Tilman Fertitta.

Pinnacle Entertainment Inc. (PNK) has named Carlos Ruisanchez to the newly created position of executive vice president of strategic planning and development.

Veteran casino executive Chet Koch has been named senior vice president and general manager of Ameristar Kansas City Casino in Kansas City, Missouri.