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$17.7 billion deal: Harrah's buyout clears Nevada

21 Dec 2007

NEVADA -- As reported by the Las Vegas Review-Journal: "The largest buyout in gaming history cleared its next-to-last regulatory hurdle Thursday by getting final approval from Nevada regulators.

"The Nevada Gaming Commission's unanimous decision to approve Harrah's Entertainment's $17.7 billion private equity buyout means the gaming company and its new owners are now just waiting for an OK from the National Indian Gaming Commission, which is expected by the end of the month.

"The transaction is expected to close early next year.

"Harrah's stock will no longer be traded publicly, but the company, which is being taken private in a joint-venture partnership between Apollo Management and TPG Capital, will still have to file quarterly earning reports to the Securities and Exchange Commission because of the public debt.

"...The approval came while Harrah's is under scrutiny and has been issued citations for improper hotel renovations at three of the company's Las Vegas properties..."

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