Harrah's misses out on Illinois casino proposal - 2004-03-15
Isle of Capri Casinos Inc. on Monday won the right to buy a Chicago-area casino permit, defeating rival Harrah's Entertainment Inc. of Las Vegas and Illinois developer Neil Bluhm.
The dormant license is now possessed by bankrupt Emerald Casino Inc. and its purchase must be authorized by a U.S. bankruptcy judge. Emerald's creditors, were in debt $120 million, and the state of Illinois, which looks to close a budget deficit, would divide the proceeds from the license sale, court papers claim.
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