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Sayonara Harrahs - Buyout is Booked

By Chuckmonster on Tuesday, 29th January 2008 2:16am
  » filed under Harrah's Entertainment  comments: 2


The $27.8 billion dollar sale of Harrah's Entertainment to Apollo Management/TPG Capital has been completed. Effective today, Harrah's stock has been de-listed from the New York Stock Exchange.

The new company, owned on paper by Hamlet Holdings LLC will still be called "Harrah's Entertainment" for the time being and CEO Gary Loveman - who is going to check change a mondo stack of chips from the deal - will remain at the helm.

How is this going to affect us, the tourists who visit their shoddily refurbished and potentially dangerous properties? Well... it probably won't, at least until the bean counters at Hamburger Hamlet LLC decide to slice and dice Harrah's holdings into sellable chunks to the highest bidders.

There is also the chance that Harrah's long-discussed plans for the right side of the Strip may finally be announced. Their plans for a "Super Harrah's America" have been pretty much shelved since the buyout reared its head in 2007.



Comments & Discussion:

I implore the new owners of Harrah's to do the strip a favor and demolish the Venereal Palace. Please, I beg of you.

Hopefully this will bring in a new era for the much beleaguered Harrah's properties. Gary Loveman should stay out on the east coast and become the poster boy for all that is wrong with "Corporate America". RIP Harrah's.

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