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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

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    WAYNE PARRY

    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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