Harrah's Top Bidder in Fight for Final Illinois Casino License

An auction between three companies seeking to buy Illinois' tenth casino license, which would provide 15% of adjusted gross revenue to the horse industry, closed Thursday with Harrah's Entertainment the highest bidder. A final decision on who gets the license will be made by the Illinois Gaming Board Monday.

Harrah's, which plans to build a casino, hotel, and restaurants in Waukegan. Illinois, bid $520 million, Associated Press reports.

Isle of Capri Casinos is offering $518 million to build in Rosemont. And Midwest Gaming and Entertainment is bidding $476 million to build in Des Plaines.

Harrah's says it plans to open its casino within 12 months after gaming board approval. Isle of Capri promises to open within eight months of board approval.