Casino News

Offers flood in for gaming giant

2006-12-18 17:09:46

The world's largest casino company has been approached with a buy-out.

Harrah's Entertainment is believed to have been offered as much as $16.7 billion by Apollo Management and Texas Pacific, according to reports on Bloomberg.

However, so far details of any deal have remained private, although the share price of Harrah's rose by four per cent as speculation mounted over the bid.

The group is also said to be under consideration by one of the smaller operators in the market, Penn National Gaming, which the Wall Street Journal claims has mounted a cash bid.

Apollo and Texas are thought to have come back with an improved bid after making initial soundings.

Harrah's began life in Reno, Nevada 68 years ago, and has since gone on to become one of the giants of the gaming industry, currently boasting over 80,000 employees.


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