Featured Articles Archive - Page 656

Deals called shift in gaming

LAS VEGAS, Nevada – Phil Satre, who guided Harrah's Entertainment for 25 years, said this week's $27.8 billion buyout of the company by two private equity groups was just another step in the evolution of the gaming industry pioneer. Satre, who retired as Harrah's chairman in 2005, said other casino operators will most likely follow Harrah's lead and turn to the private equity markets for financing their growth initiatives. "It seems like they got a fair price," Satre said in a phone interview from Reno of the $90 a share offer from Texas Pacific Group and Apollo Management, valued at $17.1 billion...read more

Shuffle Master profits slip

LAS VEGAS, Nevada -- Integrating the assets of an Australian slot machine company that it purchased in February buoyed the profits of casino equipment maker Shuffle Master. The Las Vegas-based company, which ended its fiscal year on Oct...read more

New Full Tilt software a plus for players

Overall Site Ranking – Full House (5 out of Six - Solid) Casino City Ranking System Royal Flush – impeccable Full House – solid Flush – bet on it Straight – average Two-Pair – needs improvement Ace-High – muck it Full Tilt Poker revamped its poker room this month, brining the look and feel of the site up to par with its competitors and creating a greater atmosphere of professionalism for the site known as the home of the pros...read more

MERGERS AND ACQUISITIONS: Harrah's priority: Reduce debt

LAS VEGAS, Nevada -- Casino giant Harrah's Entertainment's debt load will nearly double and its priority will shift to paying it down instead of reinvesting in growth after one of the biggest leveraged buyouts ever, SEC documents filed Wednesday show. "Harrah's Chief Executive Officer Gary Loveman told key employees that the company's debt would rise to $21 billion, or eight times operating profits, from the current multiple of 4.7, after being bought by Apollo Management Group and Texas Pacific Group, according to a presentation he made Tuesday after the deal was announced...read more

Las Vegas Sands lands Pennsylvania slots license

LAS VEGAS, Nevada -- Other than Las Vegas Sands Corp., Nevada casino operators were shut out in their attempts to win a license to operate a slot machine-only casino in Pennsylvania. Las Vegas Sands was awarded one of two at-large casino licenses by the Pennsylvania Gaming Control Board Wednesday after a nearly two-year process...read more

Success not in the cards for elimination blackjack

I tried to like elimination blackjack. I really did. I was pretty excited about the idea after I interviewed Robert Williamson III a few months ago about his involvement in the Ultimate Blackjack Tour. And after talking with him, I was looking forward to watching it on CBS. Then I watched one episode on a Saturday afternoon...read more

PokerStars the clear online tournament series leader

The PokerStars World Championship of Online Poker (WCOOP), with more than 25,000 participants, is still the premier online poker tournament series. But Full Tilt Poker and UltimateBet are not that far behind. The Full Tilt Online Pokers Series (FTOPS I and II) tournaments attracted more than 18,000 players and boasted payouts of more than $3 million this fall...read more

Many changes at Casino Windsor

Last Friday, government, business and community leaders gathered at Casino Windsor for the unveiling of the casino's new 9,454 square-foot Rotunda. Attendees were also taken by surprise when the casino announced another significant change - Casino Windsor would be changing its name to Ceasars Windsor beginning in 2008. The Rotunda, which took 18 months to complete, is a two-story entertainment hub that opens onto the casino's newly renovated main gaming floor...read more

Equity firms buy Harrah's in deal worth $27.8 billion

LAS VEGAS, Nevada -- Casino giant Harrah's Entertainment will be owned by two private equity firms in an all-cash deal worth $27.8 billion, the largest-ever transaction for a gaming company and one of the largest-ever leveraged buyouts of an American corporation. The deal, which had been brewing since Oct...read more

Harrah's buyout close

NEW YORK -- Harrah's Entertainment's board of directors has agreed to a $16.7 billion buyout of the casino operator by two private equity firms, sources told The Associated Press on Monday. Harrah's has struck an agreement in principle for Texas Pacific Group of Fort Worth, Texas, and New York-based Apollo Management to buy all 186 million outstanding shares of Harrah's Entertainment for $90 a share in an all cash deal, the sources said. Final details of the transaction are being hammered out, and the deal could be in place by the opening bell of the New York Stock Exchange today, a source said. "The price was agreed upon last week," a source said...read more