Harrah's Buyout
Harrah's Entertainment stockholders on April 5 approved the leveraged buyout of the gaming company by a partnership between two private equity firms.
Harrah's board had agreed in December to a $17.1 billion buyout offer, or $90 per share, by Hamlet Holdings.
The deal would be the biggest private equity buyout of a publicly held gaming company and the seventh-largest leveraged buyout in history. It still must gain approval from gambling regulators in more than a dozen states and several tribal nations.
The proposal is not expected to go before Nevada gaming officials before October.
The world's largest gaming company by revenue, Harrah's owns or operates 48 casinos worldwide, including 13 in Nevada. In Las Vegas the company owns Caesars Palace, Paris, Bally's, Rio, Bill's, Flamingo, Imperial Palace, and Harrah's as well as an estimated 350 acres of real estate.
SOURCE: The Las Vegas Review-Journal
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