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Howard Stutz Gaming Guru - Page 307Las Vegas Sands lands Pennsylvania slots license21 December 2006
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)
MERGERS AND ACQUISITIONS: Harrah's priority: Reduce debt21 December 2006
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 ... (read more)
Equity firms buy Harrah's in deal worth $27.8 billion20 December 2006
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 close19 December 2006
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 ... (read more)
Harrah's weighing takeover proposals18 December 2006
NEW YORK -- All's quiet on the Harrah's Entertainment front.
On Friday, for the third straight day, there was no news on the future of the gaming industry's largest casino operator as a special committee of the company's board members pored over two multibillion-dollar buyout proposals and weighed a ... (read more)
Gaming industry: Harrah's still meeting on buyout bids18 December 2006
The board of directors of casino giant Harrah's Entertainment met again on Sunday to discuss buyout offers for the company while sources told the Wall Street Journal that two private equity firms are the leading candidates to purchase the Las Vegas-based gaming operator in a $16.7 billion all cash ... (read more)
Editor of Las Vegas Review Journal Gaming Wire dies15 December 2006
LAS VEGAS, Nevada -- Rod Smith, the Review-Journal's Gaming Wire editor whose varied 30-year career took him into the fields of economics, politics and business journalism, died Thursday after a two-year battle with cancer.
Smith, 60, had been the newspaper's award-winning lead reporter on the gaming ... (read more)
Bid for Harrah's draws skepticism14 December 2006
LAS VEGAS, Nevada -- The board of directors of Harrah's Entertainment, meeting at an undisclosed location in New York on Wednesday and weighing potential takeover offers, didn't come to a conclusion about the future of the Las Vegas-based casino giant.
Sources close to the matter said the board may ... (read more)
Riviera Holding's sale still in limbo14 December 2006
LAS VEGAS, Nevada – For the second time this year, a deal to purchase the parent company of the Riviera has fallen apart.
Riviera Holdings Corp. announced that a 30-day exclusive negotiating period with developer Bruce Eichner and New York-based asset management firm D.E. Shaw and Co. expired Wednesday without the parties signing a purchase agreement.
... (read more)
Mergers and acquisitions: Harrah's quiet about bids13 December 2006
LAS VEGAS, Nevada -- A meeting that no one will confirm is taking place could determine the direction of the gaming industry's largest casino operator.
Almost 10 weeks after two private equity groups bid more than $15 billion to take Harrah's Entertainment private, the company's board of directors is ... (read more)
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