Harrah's Sale Clears Another Hurdle

Filed in archive Poker News on December 30, 2007

Gambling companies are no different then any other business when it comes to profit margins and stockholders. Recently Harrah's Entertainment was taken over by two investment groups: Apollo Management and TPG Capital. Harrah's as many in the poker business would know, took over Binion's Horseshoe (which was sold off quickly) which included the property rights to the World Series of Poker.

Harrah's has done well with the WSOP name, expanded it to heights that even its founder Benny Binion couldn't have imagined. Now, with new management coming into play with the world's premier poker tournament in their back pocket will there continue to be record crowds around the $5,000 buy in tourneys at the Rio?

For more on this story as the investment groups recently acquired the approval by the state of Nevada for its deal, hop over to Pokernews.com to read Amy Calistri's recent article on the matter. Here's a little slice below.

Last week, the all-important state of Nevada approved the proposed acquisition of Harrah's Entertainment by private-equity firms Apollo Management and TPG Capital. Harrah's shareholders approved the sale in April 2007, but for the sale to become final the plan had to be approved by over a dozen different regulatory boards in the states and international locales where Harrah's operates. The European Union and most US states involved had already approved of the sale, but because of Harrah's vast holdings in the state, Nevada was the recognized linchpin of the regulatory process. Harrah's is still waiting for word from the National Indian gambling commission, which is expected by the end of the month. The unanimous vote by the Nevada Gaming Commission followed the recommendation the Nevada Gaming Control Board at its hearing earlier this month.