Harrah's Entertainment Inc has received final regulatory approval needed to complete the largest casino buyout ever, a year after Apollo Management LP and TPG Inc agreed to the US$17.1 billion purchase.
The National Indian Gaming Commission approved the acquisition, removing the last regulatory hurdle to the purchase, Las Vegas-based Harrah's said in a statement. The transaction will be completed in early 2008, the company said.
Harrah's, the world's largest casino company, received permission from Illinois, Nevada, Indiana and six other regulators in the states where it operates. The buyout firms agreed in December 2006 to acquire Harrah's for US$90 a share, attracted by its real-estate holdings and ability to generate cash, according to Bloomberg News.
Indian approval was needed because Harrah's runs tribal casinos. Founded in 1937 in Reno, Nevada, Harrah's owns the Bally's, Caesars and Flamingo casinos in Las Vegas as part of its holdings, most of which are in the United States and UK. It also runs the World Series of Poker tournament.
(Shanghai Daily December 27, 2007)
