Biggest Casino buyout

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Harrah's Says It Has Approval for Buyout
By KEN RITTER, Associated Press Writer
8 HOURS AGO
LAS VEGAS - Harrah's Entertainment Inc. has tentatively cleared the last remaining regulatory hurdle to the largest casino buyout ever.

Harrah's said Monday that the National Indian Gaming Commission has approved the company's $17.7 billion purchase by private equity buyers Apollo Management and Texas Pacific Group, pending final commission review. That conditional approval means Harrah's can go forward with the deal, which is expected to close in early 2008.

No further regulatory approval is required.

Officials with Harrah's in Las Vegas and the Indian gambling commission in Washington did not immediately respond Monday to messages seeking further comment.

Harrah's and the buyers received the go-ahead for the deal last week from the Nevada Gaming Commission, capping a 10-week campaign to obtain approvals from state gambling regulators in New Jersey, Pennsylvania, Louisiana, Iowa, Missouri, Illinois, Indiana and Mississippi.

Harrah's, which had nearly $10 billion in revenue last year, operates more than 50 casinos including Caesars and the Imperial Palace in Las Vegas and Bally's in Atlantic City. Indian Gaming Commission approval is needed because Harrah's operates several tribal casinos as well.

The company's stock was up 52 cents to close at $88.85 Monday. The buyout deal calls for Apollo and Texas Pacific to pay $90 per share.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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