New Orleans City Council creates oversight fund for Caesars casino lease sale
The New Orleans City Council approved legislation to create a fund for the sale of future lease payments from Caesars New Orleans Casino.Summary
The New Orleans City Council advanced legislation on May 7 to establish a dedicated oversight fund for the anticipated proceeds from the sale of future lease payments from Caesars New Orleans Casino. The council introduced an ordinance to create the '2026 Caesars Lease Rent Strip Sale Proceeds Fund,' which requires City Council approval before any funds can be spent or transferred. The measure was introduced by Councilmember Lesli Harris and co-authored by all fellow councilmembers. Additionally, the council adopted an amendment specifying that all sale proceeds will be used to rebuild the city's fund balance rather than cover recurring operating expenses. The council also advanced legislation to streamline the city's monthly financial reporting requirements.
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