Caesars to Close Harrah’s Casino in Mississippi

by William White | March 27, 2014 12:33 pm

Caesars Entertainment (CZR[1]) is planning to close down[2] the Harrah’s casino in Tunica, Mississippi.

[3]Caesars has tried to sell the casino before shutting it down, but it has been unable to find a buyer. Attempts will still be made to sell Harrah’s casino, which employs 1,300 people, before it’s closed on June 2.

“After exploring every other viable alternative, we have come to the difficult but necessary conclusion to close Harrah’s Tunica in an effort to appropriately position our business for the current market opportunity and ensure the long-term viability of our remaining operations in the vicinity,” John Payne, President of Central Markets and Partnership Development, said in a statement.

Caesars will still operate its Horseshoe Tunica and Tunica Roadhouse Hotel and Casino in the area. The company plans to find new positions for as many employees of Harrah’s casino at these locations as it can.

Caesars will also still honor any reservations made up to June 1. Those with reservations after this time will receive help in finding new reservations.

CZR shares were down 3% as of Thursday afternoon.

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Source URL: https://investorplace.com/2014/03/caesars-harrahs-czr-stock/

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