Harrah's Reviews Singapore Bid
4 Oct 2006
SINGAPORE – As reported by Reuters: "Harrah's Entertainment Inc. (HET.N), the world's top gaming operator, said on Wednesday it was reviewing its bid for Singapore's second casino resort after it received a $15 billion buyout offer in the United States.
"Private equity firms Apollo Management and Texas Pacific Group [TPG.UL] on Monday made a cash offer to buy all of Harrah's outstanding shares for $81 apiece.
"Harrah's, which has yet to win a casino license anywhere in Asia, has teamed up with Singapore partner Keppel Land (KLAN.SI) to bid for the right to build and run the city-state's second billion-dollar casino.
"…Analysts said that if Harrah's changes ownership, the new owners would have to undergo Singapore probity checks…"