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Harrahs To Accept Buyout Offer From Apollo/Texas Pacific Group

By Chuckmonster on Monday, 18th December 2006 2:48am
  » filed under Las Vegas  comments: 0


We haven't really been reporting on the Harrah's buyout situation, mostly because its high brow financial stuff that probably won't interest many of you. However Harrah's management has convened daily for the last week to weigh two buy out offers on the table, the first from private equity firms Apollo / Texas Pacific Group and the second from second tier gaming operator Penn National Gaming.

Sources in the financial world are beginning to say that Harrah's will accept the full buyout offer from Apollo/TPG today for $16.7 Billion dollars - $90/share. The competing bid from Penn National was a long shot from the start - Pinnacle is a small player in the gaming biz, and they wouldn't be able to sustain such a deal.

Some sources in the financial press say that Apollo/TPG could take Harrah's portfolio of properties globally and sell them off individually to the highest bidders piece by piece, pocketing the profits and dismantling the company.

Whether or not this happens remains to be seen... but if Harrah's announces their proposed mega strip project involving Harrah's LV, Imperial Palace, Flamingo & Barbary Coast you can bet your nuts that Apollo isnt going to scrap Harrah's. We'll see what happens.



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