Harrah's Entertainment, one of the largest casino operators in the world, fired 200 employees on Friday in its Las Vegas corporate office. According to the company, the move was not related to the planned $27 billion buyout offer Harrah's received recently from two private equity groups.
Employees were notified in a memo that the company was eliminating positions in food-and-beverage, hotel operations, aviation, government relations and design and construction, which have been referred to as middle management positions.
In December, Harrah's board of directors accepted a buyout proposition from Texas Pacific Group and Apollo Management. The two equity groups agreed to pay Harrah's $90 a share for all of the company's outstanding shares and also assume $10.7 billion in debt.
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