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Shareholders of Harrah's Entertainment Give their Approval for the Casino Buy-out

On April 5, 2007, the majority of the shareholders of Harrah's Entertainment approved a buyout deal for the company by 2 private equity organizations, which is around $17.1 billion. Harrah's top officials said that the buyout deal was approved by the shareholders that afternoon and considered the biggest deal to be undertaken for any privately held casino organization.

This buyout deal has been in the making for months as most shareholders reviewed and weighed what deal was appropriate for the company's future as one of the biggest casino gambling organizations in the world.

The shareholders of Harrah's control about 66% of the outstanding stock of the company so they have an important role in determining whether to approve the buyout of the company to the Apollo Management Group and the Texas Pacific Group.

Harrah's Las Vegas based board has also backed the deal between the company and the 2 private equity companies. The deal still needs the go signal from the gambling regulators that are located in a dozen states across the country and the Indian Tribes that Harrah's operates. Harrah's manages about 39 casinos across the country, like Caesars Casino and the Harrah's Casino in Atlantic City.

 

06 August 2007
News Submitted by:
Jessica Kellerman

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