Iowa Land-based Casino Approved
COUNCIL BLUFFS, Iowa – (PRESS RELEASE) -- The Council Bluffs City Council today cleared the way for work to begin on the region's largest casino and its only land-based full-service gaming destination.
Horseshoe Council Bluffs -- which will boast 68,000 square feet of new gaming space, 36 live table games, including a 20-table poker room, and 1,900 slot and video poker machines -- is slated to open during the first fiscal quarter of 2006. Harrah's Entertainment, Inc. (NYSE: HET), which owns the Horseshoe brand and also operates a Harrah's-branded casino in Council Bluffs, is investing $85 million in its existing Bluffs Run Casino to create the new facility.
The city council unanimously approved the Horseshoe project, ensuring it moves forward. The city's planning board and the state's racing and gaming commission approved the plan previously.
"We're very pleased with today's vote, and we're looking forward to bringing a second premier casino brand to Council Bluffs," said Gaye Gullo, senior vice president and general manager of Horseshoe Council Bluffs and Harrah's Council Bluffs. "The new Horseshoe will be an excellent complement to Harrah's Council Bluffs, allowing us to offer our customers the Midwest's broadest entertainment experience".
The Horseshoe name is recognized throughout the casino industry for offering gamblers the best odds and highest wagering limits, The new casino will employ 300 additional workers and increase dedicated gaming space 69 percent, to a total of 68,000 square feet. In all, the facility will measure more than 100,000 square feet. The Horseshoe also will add 250 slot and video poker machines.
When finished, Horseshoe Council Bluffs will be the region's largest casino, both in terms of square footage and gaming positions. It also will 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 casino will generate more than $50 million in new tax revenue for the state through the end of fiscal year 2010.
"Harrah's investment in Council Bluffs speaks volumes about the business climate we have created here," said Council Bluffs Mayor Tom Hanafan. "This project will serve as a major economic catalyst in the region, creating jobs and strengthening our tax base as the city continues to reap the rewards of its well conceived growth strategy.
"Our citizens will benefit not only from the enhanced entertainment experience this project will offer but also from the tremendous infusion of tax revenue it will generate."
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 will 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 - expandable to 500 seats for special events - located just off the casino floor.
Bluffs Run Greyhound Park, the popular racing venue located on the current Bluffs Run grounds, will 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 will provide gamblers with the Midwest's most diverse gaming experience.
Harrah's finalized its purchase of Horseshoe Gaming Holding Corp. in July. 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 will 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.