Casino News

Apollo and TPG finish Harrah's purchase

2008-01-30 12:32:34

The sale of Harrah's Entertainment to TPG Capital and Apollo Management was completed on Monday, it has been reported.

According to the Press of Atlantic City, the buyout of the world's largest casino operator was worth $17.1 billion.

It has taken well over a year since the two private equity firms expressed an interest in the gaming giant to the completion of the purchase.

The official name of the company which now owns Harrah's is Hamlet Holdings.

With 50 casinos around the world, Harrah's annually generates more than $7 billion in revenue.

Perhaps its most famous resort, the luxury Caesar's Palace in Las Vegas, has 3,348 rooms and a long history with the film industry, motoring and sport.

The Rio All Suite Hotel and Casino, also owned by the company, plays host to the World Series of Poker every year - the most prestigious event in card playing.