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***GambLux EDITOR NEWS*** |
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USA's Harrah Casino Group has $15 billion purchase offer
[Tuesday, October 03, 2006]
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Harrah's Entertainment, the Las Vegas casino operator running around 40 land-based casinos in the United States such as Caesar's Palace, Ballys and Showboat, has received a $15 billion buy-out offer. If the deal goes through, it will be the fourth largest leveraged buyout in American history. The price tag reflects the market value of Harrah's, which reaches $25.9 billion.
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Two private-equity companies, Apollo Management and Texas Pacific Group, have joined forces to offer $88 per share in cash, thereby adding a 22 percent premium to Harrah's closing stock price on the New York Stock Exchange at the end of September 2006. At the moment, Harrah's has responded to the offer by establishing a special committee of independent directors to evaluate the potential.
Harrah's is also planning to consolidate its holdings in Las Vegas. It has offered Boyd Gaming Corporation around 24 acres of land that it owns on the Strip in exchange for Boyd's Barbary Coast Hotel and Casino. Barbary Coast is the only non-Harrah casino located on the 4.4 acres of the Strip that includes Imperial Palace, Flamingo, Ballys and Paris. Securing the Barbary Coast asset will allow Harrah's to move ahead with a massive redevelopment project covering all its properties in this prime Las Vegas location.
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