Gaming board's casino auction closes

Associated Press

CHICAGO - An auction among three companies seeking to buy Illinois' 10th casino license closed early Thursday morning, with Harrah's Entertainment Inc. as the highest bidder.

The auction closed around 1:30 a.m. when the companies submitted final bids in writing to the Illinois Gaming Board, spokesman Gene O'Shea said.

Harrah's final bid was $520 million, Isle of Capri offered $518 million and Midwest Gaming bid $476 million, O'Shea said.

Harrah's also announced it plans to open its casino within 12 months after Gaming Board approval, O'Shea said. If the opening is delayed, Harrah's will pay a fine of $500,000 a day up to $105 million, O'Shea said.

Isle of Capri offered a similar incentive. The gaming company said it plans to open within eight months after Board approval, and if delayed, it will pay a $500,000 fine per day up to $105 million, O'Shea said.

The board planned to choose the winning bidder Monday. It had previously picked Harrah's Entertainment Inc. as the leading bidder to make the auction more competitive, O'Shea said.

Harrah's, which bid $375 million before the auction, plans to build a casino, a hotel and restaurants in Waukegan.

Isle of Capri Casinos Inc. originally bid $351 million to build a casino in Rosemont, and Midwest Gaming and Entertainment LLC bid $360 million to build a casino and hotel in Des Plaines.

The 10th Illinois casino license is now held by the bankrupt Emerald Casino, which had planned to locate in Rosemont.

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Source: Kansas City Star