Projo Biz Blog

Harrah's Entertainment, the Las Vegas company that pushed for a West Warwick casino in 2006 and has expressed an interest in operating or owning Twin River, plans to buy the Thistledown horse-racetrack in Cleveland out of bankruptcy court for $89.5 million from Ontario, Canada-based Magna Entertainment Corp.

The bid to buy the racetrack still needs regulatory approval.

Harrah's is making the move in Ohio while carrying $19.3 billion in debt, among the highest in the gaming industry, and at a time of declining revenues at most gambling facilities.

Jan Jones, Harrah's senior vice president of communications and government relations, told the Las Vegas Review Journal that company executives believe the current economic environment is providing opportunities for cash-smart investments such as the company's expansion into Ohio's gaming market.

"We're always going to keep ourselves, within reason, in a position where we would be able to take advantage of the opportunities that become available with the right economics," Jones told the Las Vegas publication.

Jones was Harrah's point person for the failed attempt to finance a Narragansett Indian casino in West Warwick. She traveled to Rhode Island in July to talk to state leaders about possible interest in the Twin River, the slots parlor in Lincoln that is operating under Chapter 11 of the federal bankruptcy code.

A hearing on Twin River's filing is scheduled for Tuesday in U.S. Bankruptcy Court.

 Tags  Harrah's Entertainmemnt Twin River

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