Casino News

Harrah's privatization moves ever closer

2007-12-27 11:47:39

The privatization of Harrah's Entertainment, the world's largest casino operator, got closer today as regulators in Nevada gave their approval.

GlobeSt.com cites Harrah's as expecting the deal to be completed within the first few months of next year, with the just the National Indian Gambling Commission left to give its permission.

The privatization by TPG Capital and Apollo Management LP was announced a year ago and is worth $27.8 billion. The company's shareholders voted in favour back in April.

Since the process began regulators in the European Union, as well as the six other US states in which Harrah's operates, have given Harrah's the go-ahead.

The takeover has not appeared to affect Harrah's operation in any way and despite the company facing an estimated doubling of its debts, it is still apparently interested in buying UK gaming operator Rank.