Harrah’s CEO’s stake in Boston Celtics – sign for possible arena and NBA franchise in Las Vegas?
Some interesting news on the NBA/Las Vegas arena front: Gary Loveman, CEO and president of Harrah’s Entertainment, is buying a 2.4 percent minority stake in the Boston Celtics according to a Sunday article in the Boston Globe.
David Stern, the league’s commissioner, initially rejected the purchase on account of Loveman’s affiliation with Harrah’s. According to Joel Litvin, president of league and basketball operations, Stern was following league policy that “no owner can also have an interest in a business that takes NBA bets.”
However, Loveman’s application was forwarded to the league’s Las Vegas Committee for review. The committee passed the application on condition that Harrah’s sportsbooks stop taking bets on Celtic games.
The deal could pave the way to an arena and basketball franchise in Las Vegas.
Harrah’s Entertainment and Los Angeles-based Anschutz Entertainment group are in a joint-venture partnership to build a $500 million arena on 10 acres behind Bally’s and Paris Las Vegas.
Although the plan still needs county approval, ground breaking could be as early as June with the arena opening in 2010.
The partners have expressed interest in housing an NBA franchise in the arena.
Stern said there are no immediate plans for expansion and that an arena would not be enough to guarantee an NBA franchise in Las Vegas.
For more information, read the Boston Globe article here or a Review Journal article here.
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