LAS VEGAS--(BUSINESS WIRE)--Dec. 10, 2002--Harrah's Entertainment, Inc. (NYSE:HET) announced today that it has completed its acquisition of JCC Holding Company, the owner of Harrah's New Orleans Casino.
The transaction was formally approved by JCC shareholders at a special shareholders meeting December 9. More than 99.9 percent of the shares which were voted at the meeting were cast in favor of the transaction. That represents 95.28 percent of the total number of outstanding shares.
With the closing, JCC has been merged into a Harrah's affiliate and has become a wholly owned subsidiary of the company.
With the completion of this transaction, we plan to focus our energies on evaluating a number of important capital improvements to Harrah's New Orleans, including the completion of the property's second floor, said Phil Satre, chairman and chief executive of Harrah's Entertainment. We are optimistic about the future of Harrah's New Orleans, and see this merger as a compelling growth opportunity for our company.
Founded 65 years ago, Harrah's Entertainment, Inc. operates 26 casinos in the United States, primarily under the Harrah's brand name. Harrah's Entertainment is focused on building loyalty and value with its target customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
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