Harrah's Entertainment Announces Transaction Approval by the Mississippi Gaming Commission
From: Harrah's News Release Filed 10/18/07 GCN Photo: GCN
Harrah's Entertainment, Inc. (NYSE: HET) today announced it received approval from the Mississippi Gaming Commission for the proposed acquisition of Harrah's by affiliates of Apollo Management, L.P. and TPG Capital. The transaction remains subject to approval by other jurisdictions in which Harrah's subsidiaries operate and other conditions to closing set forth in the agreement and plan of merger entered into on December 19, 2006.
"We're pleased by the review and approval of the Mississippi Gaming Commission for the proposed acquisition of Harrah's Entertainment," said Gary Loveman, chairman, CEO and president of Harrah's Entertainment, Inc. "Mississippi continues to be a key market for Harrah's as we are an integral part of the state's community. Our announced +$700 million development plan for the Margaritaville Casino Resort in Biloxi is a representative example of our commitment. This transaction with Apollo Management and TPG Capital allows Harrah's to continue its emphasis on growth and in providing the best guest experience throughout our network of gaming destinations."
About Harrah's Entertainment
Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment. Since its beginning in Reno, Nevada nearly 70 years ago, Harrah's has grown through development of new properties, expansions and acquisitions, and now owns or manages casinos on four continents. The company's properties operate primarily under the Harrah's(R), Caesars(R) and Horseshoe(R) brand names; Harrah's also owns the London Clubs International family of casinos. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
For more information, please visit: http://www.harrahs.com.