Harrah’s $17bn buyout moves one step closer
Gaming regulators in the state of Nevada have given the green light to a proposed buyout of Harrah’s by private equity investors.
This latest nod of approval means that the deal, which would represent the largest buyout in gambling history, now only needs to be cleared by the National Indian Gaming Commission, which is expected to make its ruling by the end of the month.
Apollo Management and TCG Capital have offered $17.7 billion for Harrah’s Entertainment, which is known around the globe as the organisor of the prestigious World Series of Poker.
According to a new report in the Las Vegas Review Journal, under the proposed deal, while Harrah’s stock will no longer be allowed to be traded publicly, the gaming operator will still be required to file quarterly earning reports to the Securities and Exchange Committee.
Also, though the buyout is expected to be completed within the first few weeks of 2008, Harrah’s will remain under scrutiny following reports of improper casino renovations at three of its Las Vegas venues.