Purchase of Harrah's Entertainment Approved

Harrah's shareholder's will receive $90 per share from the recently approved sale. (Image Courtesy Infrogmation)

Harrah's Entertainment, the largest gaming company in the world, is getting final regulatory approval for its pending buyout by a private equity firm.

Harrah's will be bought for nearly $18 billion by Apollo Management and Texas Pacific Group. The deal is expected to be finalized sometime in 2008 and is the world's largest casino buyout deal in history.

The sale has been approved by gambling regulators in Louisiana, Nevada and all other states where Harrah's has casinos.

Harrah's is based in Las Vegas and has dozens of hotels and casinos across the U.S. It's annual revenues are approximately $7 billion.