What's next for the old Harrah's site?

From KPLC Staff:

Lake Charles, LA (KPLC) It has stood empty since it was hit hard by Hurricane Rita nearly 4 years ago. The site of the old Harrah's Casino still stands empty along the Lake Charles lakefront. The City of Lake Charles hopes to take ownership of the site by making a deal with Pinnacle Entertainment. Pinnacle took over the Harrah's site as part of a property swap deal that allows Pinnacle to build Sugar Cane Bay next to its other Lake Charles Casino, L'Auberge du Lac.

According to Mayor Randy Roach, Pinnacle has told the city it would be interested in giving the old Harrah's property to the city in lieu of the $5 Million impact fee it would have to pay the city after Sugar Cane Bay is built. That project has been delayed, Pinnacle says its because of problems getting financing due to the credit crunch. Mayor Roach told the Lake Charles City Council Tuesday night that when Sugar Cane Bay is built, he wants the city to be ready to make the deal. Mayor Roach asked the council to approve a non-binding letter of intent that would allow some of the background work to be done on the deal before Sugar Cane Bay is finished. The council will vote on the letter of intent at its next meeting.