Harrah's to Buy Louisiana Downs

Casino operator Harrah's Entertainment has announced it has signed a letter of intent to purchase a 95% stake in Louisiana Downs for $157 million. The price includes installation of slot machines and other renovations.

Louisiana Downs, located in Bossier City, La., has been approved for slot machines by the Gaming Control Board, but it will probably be two years before they are online.

Under the letter of intent, Harrah's and a local investor group, the Downs Entertainment Group, will form a new company that will own Louisiana Downs and a Harrah's riverboat casino and hotel complex located in Shreveport, La. Harrah's will manage both the racetrack and the hotel-casino.