Colony Capital to Rebrand Harrah's Properties

TUNICA, Mississippi – As reported by the Memphis Business Journal: "Colony Capital, which purchased Harrah's Tunica and Bally's Tunica as part of a $1.24 billion deal, will rebrand Harrah's as Resorts Tunica to reflect its flagship Resorts International casino in Atlantic City. Colony also is considering a licensing agreement with Caesars to retain the Bally's name while making "cosmetic" changes to the Tunica property.

"'We're new to the Tunica market, but not new to gaming,' says Owen Blicksilver, spokesman for Colony Capital.

"Blicksilver says the company will bring its new properties up to par with the rest of the Tunica casinos.

"…'In the time Colony owns the casinos, you see a significant increase in value,' he says. 'It's a business Colony likes because their strategy is to buy operating businesses with big real estate components.'

"…Blicksilver says the company will bring its new properties up to par with the rest of the Tunica casinos.

"'Harrah's and Caesars have taken great care of these properties, but there is the opportunity for us to build up a portfolio of casinos in various parts of the country,' he says. 'Colony's role is almost as a concierge. They take them, build them and sell them. We're a medium-term investor.'…"