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Harrahs to Buy Caesars?

By Chuckmonster on Wednesday, 14th July 2004 12:45pm
  » filed under Las Vegas  comments: 0

   

Harrah's Entertainment Inc. (NYSE:HET - news) is near an agreement to acquire Caesars Entertainment Inc. (NYSE:CZR - news) for about $10 billion, including debt, creating the largest casino operator in the world, a source close to the situation said on Wednesday.

The talks between the two largest U.S. gambling operators are at a sensitive stage, but the source said the chances of the deal being struck in the next day or two were very high and that there were no apparent stumbling blocks.

Caesars currently has a market value of about $4.5 billion in addition to another $4.5 billion in long-term debt and the person said the value of a deal would be "probably in the neighborhood" of $10 billion.

[ Also 'in the neighborhood' of Las Vegas Blvd and Flamingo Road... word. ]



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