Harrah's Joliet Explained

Casino:Harrah's Joliet
Location:Joliet, Illinois, United States
Address:151 N. Joliet Street
Casino Type:Riverboat
Owner:Vici Properties (80%)
John Q. Hammons (20%)
License Holder:Caesars Entertainment
Rooms:204
Publictransit: Pace

Harrah's Joliet is a riverboat casino in Joliet, Illinois, outside Chicago, operated by Caesars Entertainment. It has 1,138 slot machines, 204 hotel rooms, and 4 restaurants.

History

The city began a downtown revitalization effort called Joliet City Center in 1990.[1] The plan called for a greater emphasis on the Des Plaines riverfront, including the construction of a slip for riverboat gambling, which had been legalized by the state earlier that year. Early discussions were held between Joliet and Harrah's, operator of casinos in Nevada and Atlantic City,[2] but it was Missouri hotel developer John Q. Hammons who moved forward and was awarded the gaming license.[3] Hammons then brought Harrah's on board to operate the business and own an 80 percent share. Hammons' stake was initially to be financed by Harrah's, but this led to concern from the Illinois Gaming Board that Hammons was "selling" the license, so Hammons used his own money and outside funding sources instead.[4]

Harrah's Joliet launched its first boat on May 4, 1993, a 210-foot yacht named the Northern Star, with 500 slot machines and 40 table games.[5] A second vessel with a more traditional paddleboat look, the Southern Star, was added the following January.[6]

A $29-million hotel was added in 1999, with 204 rooms on 11 floors.[7]

After state law was changed to allow riverboat casinos to remain permanently docked, instead of cruising every two hours,[8] Harrah's replaced its boats in 2001 with two joined barges, with 40,000 square feet of gaming space with 1,138 slot machines and 31 table games.[9]

In October 2017, Caesars Entertainment (formerly Harrah's) transferred its 80 percent ownership stake in the property to Vici Properties as part of a corporate spin-off; Caesars continued to operate Harrah's Joliet under a lease agreement.[10] [11]

See also

Notes and References

  1. News: Hub of anticipation: City Center expects a rebound. Herald-News. Joliet. via NewsBank. November 2, 1997. Eddie. Baeb. 2012-05-20.
  2. News: Harrah's plans riverboat casino near Chicago. The Press of Atlantic City. Daniel. Heneghan. October 12, 1990. 2012-05-21. via NewsBank.
  3. News: Promus plans casino on boat near Chicago. The Commercial Appeal. Memphis. via NewsBank. March 4, 1992. Susan Adler Thorp. 2012-05-21.
  4. News: Another Joliet gambling venture given go-ahead. The State Journal-Register. Springfield, IL. via NewsBank. October 16, 1992. Ed. Bierschenk. Copley News Service. 2012-05-21.
  5. News: New gambling boat sets sail out of Joliet. Chicago Sun-Times. May 5, 1993. Andrew. Hermann. via NewsBank. 2012-05-20.
  6. News: A player's guide to the new riverboats. Chicago Sun-Times. February 11, 1994. Ryan. Ver Berkmoes. via NewsBank. 2012-05-20.
  7. News: New deal downtown: Harrah's betting upscale hotel will draw out-of-towners. Herald-News. Joliet. November 7, 1999. via NewsBank. Bob. Okon. 2012-05-20.
  8. News: Illinois' new open boarding reportedly boosts crowds at casinos. St. Louis Post-Dispatch. June 30, 1999. Kevin. McDermott. via NewsBank. 2012-05-20.
  9. News: Harrah's barges into future. Chicago Sun-Times. John. Grochowski. October 21, 2001. via NewsBank. 2012-05-20.
  10. Vici Properties Inc., completes spin-off from Caesars Entertainment Operating Company. Vici Properties. October 6, 2017. NewsBank.
  11. Form 424B4: Prospectus. Vici Properties. F-54. February 2, 2018. EDGAR.