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Spokesperson: Stimulus to casinos good for working people
In good times casinos rake in huge profits and are the economic engine for the state of Nevada.But in bad times, should casinos be offered a federal bailout?Regardless of what you think, some have been, along with corporations in many other industries.Harrah's Entertainment says it was burdened by crushing debt and suffered from falling revenues.Stimulus funds allowed the company to deleverage close to $4 billion in debt and keep the company above water."It's difficult to speculate, but if we had had to pay these escalating costs, more employees would have been let go," said Jan Jones Harrah's Senior VP of Communications and Government Affairs.Jones credits Senator Harry Reid with saving 31,000 jobs across the Harrah's corporation alone. Thanks to the debt cancellation provision Reid added to the stimulus bill in the final hours of negotiation."Only a senate majority leader and a leader who understood that this wasn't just a bailout for big business, this was also a protection for the working man, would have the strength and the wherewithal and commitment to make sure it got in the bill and on the president's desk," Jones said.News 4 called Senator Harry Reid to hear his response to critics' concerns about giving casinos and other big industries a bailout. Here's what the senator had to say:"One of the great entrepreneurs, financial wizards of this country told me it saved as many as 10 million jobs in America. Let's say he was a little bit wrong. Let's say only 5 million jobs. We know with Hilton Hotels alone, we saved 35,000 jobs, with Harrah's about the same amount.Reid says-- and Jones agrees--that this one provision in the stimulus package, has reverberated across the entire economic structure of our country and of our state by keeping corporations like Harrah's financially healthy."The casino industry in the U.S. employs more people than the auto manufacturing industry," Jones said. "We are one of the biggest businesses in the us, we employ literally hundreds of thousands of people, we stimulate economies. Our business provides revenues for vendors and local communities. We pay taxes and keeping these companies healthy is in the best interest of the working men and women in this country."   Full story
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