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news: NJ Regulators Approve Buyout of Harrah's Ent.

Discussion in 'North American Land Based Casinos' started by Mousey, Oct 18, 2007.

    Oct 18, 2007
  1. Mousey

    Mousey Ueber Meister Mouse CAG

    Pencil Pusher
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    The Associated Press

    ATLANTIC CITY, N.J. - New Jersey casino regulators on Wednesday approved the proposed $31 billion acquisition of Harrah's Entertainment by two private equity firms.

    At a hearing before the state Casino Control Commission, partners in Apollo Management Group and Texas Pacific Group promised to be hands-off owners. They said they don't plan any layoffs or selling off of assets as a result of the merger.

    "We invested in Harrah's because we have a tremendous amount of confidence in (chairman and CEO) Gary Loveman," said Eric Press,a partner in Apollo. "His plans for the business are our plans. We don't intend to change a thing.

    "Harrah's has pursued a strategy of growing its assets and investing in its ...
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