<PAGE> 1
[COMPANY LETTERHEAD]
CONTACT: MARK ROMIG (504) 581-7195, EXT. 211
CASINO OWNER, JCC HOLDING COMPANY, COMMENTS ON
PRESENTATION TO CASINO TAX ADVISORY COMMITTEE;
HALT OF TRADING BY AMERICAN STOCK EXCHANGE
(NEW ORLEANS - NOVEMBER 15, 2000) - JCC Holding Company (AMEX:JAZ), released the
following comments on a presentation made on November 13, 2000 to the New
Orleans Casino Tax Advisory Committee which set forth a contemplated
restructuring of the Company's financial obligations, as well as the American
Stock Exchange's halt of trading in the Company's stock. (References to the
"Company" include the Company's wholly-owned subsidiary Jazz Casino Company,
L.L.C. which operates the Company's casino in New Orleans, Louisiana.)
On November 13, 2000, Jefferies & Company, Inc., financial advisors to the
Company, on its behalf presented a proposed plan for restructuring the Company's
financial obligations based upon Jefferies' analysis and advice, to New Orleans'
Mayor Marc Morial's Casino Tax Advisory Committee. During this presentation, the
Company proposed various concessions to be made by its securities holders, its
lenders, its affiliates, Harrah's Entertainment, Inc., Harrah's Operating
Company and Harrah's New Orleans Management Company (the manager of the casino
and a wholly controlled affiliate of Harrah's Entertainment, Inc.), the State of
Louisiana, and other parties to whom the Company has contractual or legal
obligations.
*more*
Among other things, the proposal included the recommendation of a pre-negotiated
bankruptcy proceeding to achieve a reorganization of the Company's financial
<PAGE> 2
arrangements and capital structure. Jefferies advised that confirmation of a
plan in bankruptcy to achieve such a result would likely involve the elimination
of the equity held by the Company's current stockholders.
The Company's financial advisors have concluded, after a thorough analysis, that
as currently configured the Company's casino is not financially viable because
current and projected revenue is not sufficient to pay all operating expenses,
minimum taxes and debt service. While the financing required for the casino's
operations has been arranged through March 31, 2001, the Company's ability to
continue as a viable business beyond that time is in doubt absent a significant
restructuring of its finances.
The Company believes that unless the $100 million minimum payment due to the
State of Louisiana is reduced and economic concessions are obtained from
numerous other parties to whom the Company has financial obligations, the
Company will not be able to continue as a viable business.
These recommendations have not been formally considered or approved by the
Company's board of directors or any other parties and cannot be implemented
until such approval is received.
On November 14, 2000, the Company filed an 8-K Current Report with the U.S.
Securities and Exchange Commission covering the presentation and recommendation
made to the Casino Tax Advisory Committee. In addition, the Company has been
advised by the American Stock Exchange that it no longer meets the Exchange's
continued listing requirements and the Company will not object to the removal of
its common stock from the American Stock Exchange.
*more*
The Casino Tax Advisory Committee was assembled by the Mayor of New Orleans to
document its findings on the economic impact of the Harrah's New Orleans Casino,
<PAGE> 3
owned by Jazz Casino Company, LLC, the Company's wholly-owned subsidiary, and
make recommendations to the Mayor regarding the $100 million minimum payment due
to the State of Louisiana and other relevant matters.
Jazz Casino Company, LLC, has the exclusive license to own and operate the only
land-based casino in Orleans Parish, Louisiana. Harrah's New Orleans Management
Company, a subsidiary of Harrah's Entertainment, Inc., is the manager of the
casino. The casino directly employs approximately 3,000 people with an annual
payroll and benefits of approximately $80 million. The 100,000 square foot
casino is located at Canal Street at the Mississippi River in downtown New
Orleans, and is adjacent to the French Quarter, the Aquarium of the Americas and
the Ernest N. Morial Convention Center.
Statements in this press release that are not historical fact, including
particular statements about the efforts to reorganize the Company's financial
arrangements to achieve ongoing economic viability, are forward-looking
statements made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. Management cautions that the future viability and
performance of the Company involves numerous risks and uncertainties, and that
the Company's actual results could differ materially from those expressed in any
of its forward-looking statements as a result of the success of its efforts to
negotiate a reorganization, successfully emerge from any bankruptcy proceeding
that may be commenced and other factors that are contained in documents the
Company files with the U.S. Securities and Exchange Commission. Readers are
encouraged to refer to these reports, with particular reference to the Company's
10-Q Quarterly Report filed on November 13, 2000, and the Company's 8-K Current
Report filed on November 14, 2000.
# # #
