Having sold its Mississippi Gulfport casino, Harrah’s Entertainment has agreed to acquire Casino Magic Biloxi from Pinnacle Entertainment. Subject to definitive documentation and regulatory approval, the non-binding letter of intent also calls for the sale of two Lake Charles, Louisiana properties to Pinnacle. Harrah’s Grand Casino Biloxi is scheduled for a summer opening and the Casino Magic 18-acre site is adjacent to it.

"We believe in the long-term potential of the Mississippi Gulf Coast, and are looking forward to returning to this vibrant market," said Anthony Sanfilippo, president of Harrah's Central Division. "The site we are acquiring from Pinnacle will give us an even larger footprint in Biloxi, giving us greater flexibility in creating a compelling entertainment experience." He added, "As we are focusing our Gulf Coast development efforts on Biloxi and New Orleans, we felt it made sense to sell Harrah's Lake Charles."

The company’s Lake Charles businesses, the 263-room Lake Front Hotel and two casino boats, will become part of an expanded Pinnacle presence in the area. Harrah’s will maintain its operations in Louisiana at Bossier City Louisiana Downs and the Horseshoe, as well as the state’s only land-based casino in New Orleans. Grand Casino Biloxi will initially reopen with a redesigned 500-room hotel, 35,000 sq ft casino and full service spa. Details of the new destination resort for Biloxi are expected to be announced later this year. (E-04.19.06)

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