NEW YORK (Reuters) - Harrah's Entertainment Inc. said on Tuesday it plans to build a $700 million casino hotel on the shores of Biloxi, Mississippi called Margaritaville Casino & Resort.

The casino is branded Margaritaville after the hit song by local singer and songwriter Jimmy Buffett, who is a partner on the project.

Harrah's, the world's largest casino operator, which is in the process of being taken over by two private equity firms, said overall spending on the project may top $1 billion. Read more