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All Systems Go For Harrahs Buyout

By Chuckmonster on Friday, 21st December 2007 8:21am
  » filed under Harrah's Entertainment  comments: 0

   

The last major hurdle in the buyout of Harrah's by private equity firm Apollo Management/Texas Pacific Group has been cleared. The Nevada Gaming Commission gave their blessings to the transaction, which Harrah's believes will be completed in early 2008.

Just last week regulators in Pennsylvania, Louisiana and Iowa approved the leveraged buyout plan that will take Harrah's off of the stock market into private hands.

Harrah's CEO Gary Loveman will remain as boss, and make $90M from the sale of his stock options.

For those keeping score at home... $90,000,000 equals:

Enough money to lose 18,000,000 hands of blackjack - one hand per minute 24 hours per day, seven days a week for about 34 1/2 years and still have some money left over to go see a 100 year old Bette Midler perform at Caesars Palace every day for a month or two.



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