Harrah's Agrees to $10 Billion Buyout

[The Judge]

Harrah's Entertainment Completes Buyout
© 2008 The Associated Press

LAS VEGAS — Harrah's Entertainment Inc. said its $17.1 billion acquisition closed as scheduled Monday, marking the company's transition to private following the world's largest casino buyout.

Harrah's agreed in December 2006 to be bought by affiliates of Texas Pacific Group and Apollo Global Management LP, and shareholders approved the deal on April 5, 2007.

Stockholders will receive $90 in cash for each share they own.

The company recently extended the contract of its chairman, president and chief executive, Gary Loveman, and said Loveman was likely to stay in those roles after the buyout was complete.

Loveman is expected to receive more than $90 million in stock options and other rights under terms of the deal.

Harrah's shares ceased trading Monday at $89.97. The stock had traded from $78.77 to $89.55 over the past year.

Harrah's operates 50 casinos worldwide, including Caesars Palace, Flamingo and Bally's in Las Vegas and Harrah's, the Showboat, Caesars Atlantic City and Bally's in Atlantic City, N.J.

The world's largest gambling company by revenue, Harrah's took in nearly $10 billion in 2006.

Before the deal could be completed, the company had to receive approvals from state gambling regulators in Nevada, New Jersey, Pennsylvania, Louisiana, Iowa, Missouri, Illinois, Indiana and Mississippi, and from the National Indian Gambling Commission.

Harrah's new owners told Nevada gambling regulators that they supported the casino operator's expansion plans — $4 billion in growth-related spending through 2012, including $2.1 billion in Nevada projects.

Harrah's operates worldwide, including 38 casinos in the United States.

The company was founded in 1937 when Bill Harrah opened a bingo parlor in Reno.

[BTO]

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