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Harrah's $17.1B. buyout completed
Press of Atlantic City,
Tuesday, January 29, 2008 at 9:37:28 PM
Gaming giant Harrah's Entertainment Inc., whose holdings include four Atlantic City casinos, changed hands Monday in a $17.1 billion buyout that reflects a growing trend of private ownership of casino companies.
The takeover by affiliates of private equity firms Apollo Management of New York and TPG Capital of Fort Worth, Texas, is the largest deal ever in the gaming industry.
Gary Thompson, a Harrah's spokesman, said Monday the merger is not expected to affect gaming operations or lead to the sale of any of the Atlantic City casinos - Harrah's, Bally's, Caesars and Showboat. Earlier, the company said no layoffs were expected.
"We don't expect any impact other than the fact that we'll be a little more flexible and will be able to move more quickly to seize any opportunities. Basically, we're the same company with new owners," Thompson said.
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