Created by authority of Executive Order MHM 00-08 issued by Mayor Marc H. Morial on September 20, 2000. The impetus for the Committee's formation was the well publicized financial difficulty that the Casino had experienced during its first ten months of operation and JCC Holding Company's ongoing efforts to obtain financial and regulatory relief from the State, city, and its major creditors. It's purpose was to review all financial and tax issues related to Harrah's Casino in New Orleans. The Committee was further authorized to advise the Mayor on the viability of Harrah's and its economic impact on the city, to advise the Mayor on the future feasibility of the casino's ability to fulfill its tax obligations, and to provide a report of its findings within sixty days of its creation.

The Committee comprised eighteen prominent individuals representing a cross section of political and business leaders both within and outside the greater New Orleans area. It operated by majority vote of a quorum of at least ten members. All Committee meetins wre conducted publicly and all hearings were videotaped. The chairman of the Committee was Edward "Buddy" Butler, president of Regions Bank; Vice Chairman was Raul Bencomo, managing partner of the Bencomo and Associates law firm; Secretary was Helen Kohlman, Chairman of the Rivergate Development Corporation; and Parliamentarian was Ronal Pursell, Chief of Staff of the New Orleans City Council.