Harrah's Deal Details Revealed - Wednesday 3rd of May 2006

GULFPORT, Mississippi – As reported by the Biloxi Sun Herald: "Harrah's Entertainment sold the Grand Casino Gulfport for $55 million.

"Rick Carter and Terry Green, who operated the Copa Casino in the shadow of their bigger competitor for years, bought 40 acres of land and the buildings in March. Harrah's, which had acquired the Grand Casinos last year in a corporate merger with Caesars Entertainment, opted to exit Gulfport and establish a bigger presence in Biloxi.

"…The buildings for the casino resort in Gulfport cost several million dollars more than the purchase price, but they were heavily damaged by Hurricane Katrina. The Grand, which already had a hotel and parking garage on the south side of U.S. 90, opened the new Oasis Hotel in 1999 at a cost of $75 million.

"A casino is slated to open inside the Oasis Hotel on or before Sept. 4 under a new name…"

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