Harrah's Entertainment Sold
Harrah's Entertainment owns most real estate on the Las Vegas Strip.
Harrah's Entertainment will be sold to Apollo Management Group, the New York-based buyout firm run by Leon Black, and Texas Pacific Group for an estimated deal of $90 per share according to rumors heard on the Las Vegas Strip. The Special Committee made up of Harrah's board members has been in closed door meetings and apparently decided to accept the buyout valued at close to $17 billion. The two private investor groups' will take the casino giant private thus allowing a greater degree of flexibility without the close scrutiny of a publicly traded company. Expect an official announcement from the company within the next few days.
A buyout by Apollo and Texas Pacific has the potential to deeply impact the Las Vegas casino industry and will almost certainly involve changes for the Harrah's Entertainment owned World Series of Poker brand.
