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Harrah's Entertainment Completes Buyout
On Monday, the mega-sale of Harrah's Entertainment was finalized. (Courtesy of Infrogmation)
As reported on Bodog Beat last month, the world-famous Harrah's entertainment (known as a fairly big player throughout a little town called Las Vegas) has been purchased by affiliates of Texas Pacific Group and Apollo Global Management LP and its shareholders. On Monday, the two made the deal final.
Harrah's is best known for operating a bevvy of famous hotels and casinos in Las Vegas, although they do operate similar businesses throughout the world. Some of Harrah's most renowned properties include Caesars Palace, Flamingo and Bally's in Las Vegas and Harrah's, the Showboat, Caesars Atlantic City and Bally's in Atlantic City, N.J.
Harrah's took in nearly $10 billion in 2006 and is widely regarded as the world's largest gambling company by revenue.
Spokespeople from Harrah's said that the $17.1 billion deal was finally closed on Monday after several weeks of negotiations and personnel issues. One of the positions that will not be negotiated is that of chairman, president and chief executive, Gary Loveman.
Sources claimed that Loveman will remain active in all of his current roles and will be a rich(er), rich(er) man because of it. The Harrah's head honcho is set to receive more than $90 million (yes, you read that right) in stock options and other rights once the ink dried on Monday's deal.
Would you like to make Loveman-like money with your own casino dealings?