Harrah's to Expand Atlantic City Properties

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Pushing ahead with an aggressive expansion program, Harrah's Entertainment Inc. plans to build two new hotel towers and other attractions at its Atlantic City casinos in a head-to-head battle with a powerful new competitor.

"Dave Jonas, Harrah's senior vice president of Atlantic City operations, said the hotel towers will each add a minimum of 700 rooms and possibly as many as 1,000 at Harrah's Atlantic City and Showboat Casino Hotel.

"…Jonas, careful not to reveal too many details, said the expansion plans are still in the conceptual phase and pending final approval by the Harrah's Entertainment board of directors.

"He estimated the total cost at about $400 million - $200 million for each casino. Major components include the hotel towers, more casino space, entertainment attractions and new restaurants.

"…Showboat and Harrah's have both built new hotel towers and other amenities in the past two years, representing about $450 million in investment. They are expanding again to attract more overnight guests and respond to a potent new competitor in town, the billion-dollar Borgata Hotel Casino & Spa.

"…Serving as a catalyst for new development is a $92 million state construction fund that will help casinos finance their expansion projects…"