Harrah's Clears Final Hurdle For Record Casino Buyout

Harrah's Entertainment has been on a long journey this year. They have had to get clearance from over eight states' gambling regulators. Now, the final hurdle has been cleared.

On Monday, the company announced that the National Indian Gaming Commission approved Harrah's sale to Apollo Management and Texas Pacific Group, private equity buyers.

The sale is reportedly worth $17.7 billion. When the sale is complete, it will be the biggest casino sale ever. All that is left is the closing. There are no more regulatory approvals necessary before the deal is completed.

New Jersey, Pennsylvania, Louisiana, Missouri, Mississippi, Iowa, and Illinois have all approved the deal. The Nevada Gaming Commission signed off on the deal last week, making the Indian Gaming Commission the last hurdle.

Harrah's runs over fifty casinos in the United States. They have several casinos in Las Vegas and also one in Atlantic City. They also have various casinos spread out around the rest of the country.

The current buyout is expected to be completed in the early stages of 2008.

December 24, 2007
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
Submit News!