Harrah’s Entertainment
January 7, 2008
Harrah’s Entertainment, Inc. (NYSE: HET) is a gaming corporation that owns and operates casinos, hotels, and six golf courses under several brands. The company, based in Las Vegas, Nevada, is the largest gaming company in the world, with yearly revenues around $7.11 billion.
On December 19, 2006, the company’s board of directors voted to accept a buyout offer from Apollo Management and Texas Pacific Group for $17 billion, or $90-per-share. The corporation’s shareholders approved the proposed buyout in April, 2007. Approval by regulators is needed before buyout is complete.
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