Nevada Gaming Commission OKs Harrah's acquisition

By Lisa Kerner

Charlotte, N.C., Dec. 20 - The Nevada Gaming Commission approved the acquisition of Harrah's Entertainment, Inc. by affiliates of Apollo Management, LP and TPG Capital.

The sale has received regulatory approval from several jurisdictions including Illinois, Indiana, Iowa, Louisiana, Mississippi, Missouri, New Jersey and Pennsylvania.

It was previously reported that under the December 2006 merger agreement, Harrah's stockholders will receive $90 per share of Harrah's stock in the all-cash transaction valued at about $27.8 billion.

Harrah's expects the transaction to close in early 2008.

"We are grateful to the Nevada Gaming Commission and their counterparts at the Nevada Gaming Control Board, as well as all of the other regulators that approved this extraordinary transaction," Harrah's chairman, president and chief executive officer Gary Loveman stated in a company news release.

"Moving forward as a private company after the closing of the transaction, we will continue to deliver superior customer service, further our development in international markets and strengthen our competitive position in each of the markets where we operate," Loveman added.

Las Vegas-based Harrah's provides branded casino entertainment.

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