Harrah's Closes the Deal

Las Vegas -- Shareholders of Harrah's Entertainment, Inc have approved an offer from Texas Pacific Group (TPG) and Apollo Management, L.P. to acquire the gaming giant. Harrah's expects the transaction to close by year end.

TPG and Apollo made a $90-per-share offer in December, which was well-received by shareholders and received unanimous approval by the Harrah’s board, according to the Sun Herald newspaper. The meeting today was held at Caesars Palace on the Las Vegas Strip. Sixty-six percent of tallied votes were in favor of the deal, according to preliminary reports from Harrah’s.

Although the impact of the sale is unclear at this time, gaming experts have expressed concern over the potential impact of the World Series of Poker, which Harrah’s owns. The deal is still subject to regulatory approval. Harrah’s employs 8,000 people at its 39 U.S. casinos—operating under Harrah’s, Horseshoe, Showboat, Rio, Harveys, Bally’s, Caesars, Flamingo, Grand Casino, and Paris names.