Harrah's Entertainment are coming close to the end of a long journey, and will soon close a deal which will result in the sale of the Harrah's Entertainment company to Apollo Management and Texas Pacific Group, private equity buyers.
The sale, reportedly worth around $17.7 billion, required Harrah's to get clearance from more the gambling regulators of more than eight different states. Now that they have the required clearance, only one hurdle remains before the sale, which will be the biggest casino sale ever, can be completed.
The states of New Jersey, Pennsylvania, Louisiana, Missouri, Mississippi, Iowa and Illinois have already approved the deal, and the Nevada Gaming Commission signed off on it last week. Now that state approval has been gained, no more regulatory approval will be required before the deal is completed. The only thing that remains is approval from the Indian Gaming Commission – after which, the deal can be closed.
Harrah's Entertainment run more than 50 casinos across the U.S. - including several in Las Vegas, and one in Atlantic City.
The buy out is expected to be completed early next year.
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