HARRAH’S CONTRACT BILL - The only land-based casino in New Orleans Harrah’s-- has a contract with the state of Louisiana that is set to expire in 6 years…— But a bill brought by Speaker of the House Taylor Barras, Republican from New Iberia-- would extend it for decades. In return, Harrah's has agreed improve its facility with several millions in upgrades. Barras explained his reasons for the extension to the House Criminal Justice committee Wednesday.“My interest in it is truly the economic impact it makes for
the state and the increased revenue opportunity that we have once this $350 million dollar is complete." Harrah's current contract is set to end in six years, but Barras' bill would extend it to another thirty. If approved, Harrah's has agreed to invest $350 million dollars in its facility. The original contract limited the number of hotel rooms and restaurants Harrah's could operate which was to drive guests to other local businesses. Under Barras' bill those restrictions would be lifted. Harrrah's $350 million dollar investment would pay for a second hotel and more restaurants but not gaming spaces. Barras explained "This bill does not allow for an additional machine or an additional table or anything as it relates to gaming space on the floor." According to Harrah’s, the expansion will generate
an additional $13 million in taxes each year for Louisiana. The casino is already required to make annual payments of at least $60 million. As part of this contract extension, they'll increase that by $7 million. About half will go to the city, the other half to the state to help fund K-12 education. Sitting next to Barras was Speaker Pro Temp Walt Leger, Democrat of New Orleans. The two leaders, despite recent disagreement, found common ground on this bill. Leger said "This may very well be one of the most important economic development bills you'll have the chance to vote on." The bill passed the committee without objection and is headed to the house floor.