Horseshoe Casino Proposed for Iowa
COUNCIL BLUFFS, Iowa – (PRESS RELEASE) -- One of the casino industry's most historic brands is being proposed for Iowa as part of an $85 million capital campaign that will result in a windfall for the state and 300 new jobs.
The Horseshoe name, long recognized for offering gamblers the best odds and highest wagering limits, is planned for what would be the region's largest casino and only land-based full-service gaming facility. Harrah's Entertainment, Inc. (NYSE: HET), which owns the Horseshoe, plans to open the new casino pending approval from the Iowa Racing and Gaming Commission. The commission is due to review the proposal Nov. 18. If approved, the $85 million renovation of the current Bluffs Run casino would be scheduled for completion during the first fiscal quarter of 2006.
The new Horseshoe would employ 300 additional workers and increase dedicated gaming space 69 percent, to a total of 68,000 square feet. The addition of 250 slot machines and 36 table games - including a new poker room - would bring the total number of gaming positions, including video poker, to 2,376. When finished, Horseshoe Council Bluffs would be the region's largest casino, both in terms of square footage and gaming positions. It also would be the area's only land-based full-service casino, with all gaming devices and tables located on a single contiguous floor. Harrah's estimates the new casino would generate more than $50 million in additional state tax revenue through fiscal year 2010.
In addition to its gaming prowess, the Horseshoe name is recognized throughout the industry for providing big action, exciting entertainment and excellent dining experiences. Horseshoe Council Bluffs would hold to that model, offering a 400-seat buffet featuring live-action food stations from around the globe; a 140-seat Jack Binion's Steak House with a private dining area; JB's Cafe, an 80-seat venue featuring colossal sandwiches, salads and desserts; and a 300-seat bar and entertainment venue located just off the casino floor.
Bluffs Run Greyhound Park, the popular racing venue located on the current Bluffs Run grounds, would continue to operate under its current name. Combining the track's wagering offerings - on live greyhound races as well as on simulcast horse and dog races from across the country - with the full- service Horseshoe casino would provide gamblers with the Midwest's most diverse gaming experience.
"This market continues to enjoy significant growth, clearly demonstrating that the region's demand for casino entertainment is undersupplied," said Gaye Gullo, senior vice president and general manager of Harrah's Council Bluffs and Bluffs Run Casino. "We're thrilled to propose a second premier casino brand for Council Bluffs that would provide customers with two distinct but complementary experiences. Our Total Rewards player loyalty program allows our customers to earn and receive great comps and other benefits at both Council Bluffs properties and redeem their rewards locally or at any Harrah's- operated casino nationwide."
Harrah's finalized its purchase of Horseshoe Gaming Holding Corp. in July. If approved, the new Council Bluffs property will be the fourth Horseshoe casino in operation. The other Horseshoe casinos are located in Hammond, Ind.; Tunica, Miss.; and Bossier City, La. The renovations of the new property would include a 1,000-space parking garage immediately adjacent to the casino.
Harrah's entered the Council Bluffs market in 2001 with its acquisition of Harveys Casino Resorts. Harrah's re-branded Harveys Casino and Hotel to the current Harrah's Council Bluffs but maintained the name of the Bluffs Run property, which was acquired as part of the same transaction.
Various subsidiaries of Harrah's Entertainment, Inc. own or manage 28 casinos in the United States, primarily under the Harrah's and Horseshoe brand names. Founded 66 years ago, Harrah's Entertainment is focused on building loyalty and value with its valued customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.