Harrah's Bids Welcome to Private Sector

The world's largest casino group is now officially the world's largest private casino group.

Harrah's Entertainment Inc., parent company of the World Series of Poker brand, said Monday that its $17.1 billion acquisition closed as scheduled.

Harrah's shareholders received $90 per share.

The company has made public several times over that its "ownership will change, but not its direction."

Private equity firms Apollo Management and Texas Pacific Group said in December that they, as the new ownership group, would carry on with the $4 billion in expansion plans Harrah's already had in the works.

As for the arrangement of the board, Harrah's Chief Executive Gary Loveman will retain his position as board chairman, with the remaining eight seats to be split between Apollo and Texas Pacific.

Regarding its ties to Internet gambling, the company in November made an unsuccessful run at Rank Group. Rumors -- roughly four years' worth -- also persist that the group will finally go ahead with a Europe-focused Internet offering.