Breaking News Harrah's Sold
Harrah’s, the world’s largest casino company and owner of the World Series of Poker brand, may have accepted an offer from two private groups to be sold for $16.7 billion.
News organizations -- including the Associated Press -- wrote that two anonymous sources confirmed that the offer of $16.7 billion by Apollo Management Group and Texas Pacific Group has been accepted by Harrah’s Board of Directors and that lawyers from all involved are now hammering out the details, while The Wall Street Journal says that Harrah’s board will vote on the offer today. The offer was made Oct. 2., and is worth $90 a share.
Poker fans know that Harrah’s bought Binion’s Horseshoe in 2004 to basically purchase the World Series of Poker brand name. It sold Binions later that year, but kept the WSOP. The WSOP has moved from Binion’s to the Rio, and each year since, have attracted record numbers of players to Harrah’s properties. Earlier this year, Harrah’s would not comment on how much profit the WSOP generated for Harrah’s.
News organizations -- including the Associated Press -- wrote that two anonymous sources confirmed that the offer of $16.7 billion by Apollo Management Group and Texas Pacific Group has been accepted by Harrah’s Board of Directors and that lawyers from all involved are now hammering out the details, while The Wall Street Journal says that Harrah’s board will vote on the offer today. The offer was made Oct. 2., and is worth $90 a share.
Poker fans know that Harrah’s bought Binion’s Horseshoe in 2004 to basically purchase the World Series of Poker brand name. It sold Binions later that year, but kept the WSOP. The WSOP has moved from Binion’s to the Rio, and each year since, have attracted record numbers of players to Harrah’s properties. Earlier this year, Harrah’s would not comment on how much profit the WSOP generated for Harrah’s.
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Harrah's Agrees to Be Acquired by Apollo, TPGStockholders to Receive $90/Share in Cash; Transaction Valued at $27.8 Billion
Harrah's Entertainment, Inc. (NYSE:HET), the world's largest casino entertainment company, today announced it entered into a definitive agreement to be acquired by an affiliate of Texas Pacific Group and Apollo Management, L.P., for $27.8 billion, including the assumption of $10.7 billion in debt. Under terms of the agreement, Harrah's stockholders will receive $90 in cash per share, a 36 percent premium over Harrah's closing share price on September 29, 2006, the last trading day before disclosure of Apollo and TPG's initial offer of $81 per share. The transaction is expected to be completed in approximately one year, and is subject to stockholder approval, regulatory approvals and customary closing conditions.
Harrah's owns a monstrous chunk of land in the middle of the strip, across from Caesar's Palace, that they have been planning to develop into the largest casino in Vegas, under the "Horseshoe" brand that they bought in the Binion's/WSOP transaction. The new resort is the largest planned project in Vegas history, and would include the demolition of Harrah's, Imperial Palace, O'Shea's, Flamingo, Barbary Coast, and Bally's.
Oh
Oh Flamingo and your stinky bird sanctuary, I will miss you.
just checked not quite that much but 1.6 billion is still alot.
100x odds on craps..... OMG I better get there. Best I've found (outside of vegas ) is 5x.
No more "Black Jack Switch" or "$50 of free slots play". LOL
Those annoying ads they blare at you while you're walking to Denny's. I hope they leave Denny's, LOOOL.
Sigh, I love Vegas.