By Deena Beasley

LOS ANGELES, Nov 29 (Reuters) - Harrah's Entertainment Inc. (HET.N: Quote, Profile, Research) said on Tuesday that it had signed a joint venture agreement with Slovenian casino operator Hit Group to develop a casino in the city of Nova Gorica, which borders Italy.

The world's largest gaming company said the project marks "an ambitious new phase" of international expansion, which includes recently unveiled plans for a joint venture Bahamas resort, pursuit of a casino project in Singapore and the expected announcement this week of plans for a Spanish resort.

Las Vegas-based Harrah's said the 50/50 Slovenia partnership would invest about $700 million in the project, to include a luxury hotel of up to 1,200 rooms, a casino, theater, convention area and spa.

Shares of the company, which acquired Caesars Entertainment in June, rose 28 cents to close at $68.60 on the New York Stock Exchange.

"No one knows what to make of it ... it's on the Italian border," said Larry Klatzkin, an analyst at Jefferies & Co. "I assume Harrah's knows what they are doing and they expect to get a good return," he added.

Harrah's said Slovenia has a well-established gaming market, and draws substantial visitation from nearby countries, including Italy and Austria. Nova Gorica is located about 150 kilometers from Venice.

The Slovenia casino will not, unlike other Harrah's international projects, use the Caesars brand, because it is located too close to Italy, according to Harrah's spokesman Alberto Lopez.

In order for the venture with state-controlled Hit Group to move forward, laws limiting foreign investment in a project to no more than 20 percent would have to be changed.

Gary Loveman, Harrah's CEO, was expected to meet today with the Prime Minister and Finance Minister of Slovenia to discuss that issue, Lopez said. (Additional reporting by Christian Plumb in New York)

This is really good news from Harrah's.

and what about any polish casinos? im a pole and i havent noticed any section about casinos in that beautiful frozen windy land... :]

Well hello there Platen44 thanks for joining the forum ;) ... we are still adding forums every day. Keep checking back.

Cheers,
Bernie