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Harrah's separates real estate assets

PHILADELPHIA, Pennsylvania – As reported by Reuters: "Harrah's Entertainment Inc. (HET.N) plans to separate its real-estate assets into separate subsidiaries as part of its $17.1 billion takeover by two private equity firms, according to a filing with the U.S. Securities and Exchange Commission.

"Harrah's, which agreed in December to be acquired by Apollo Management and Texas Pacific Group, owns or manages 47 casinos under brand names such as Harrah's, Caesars and Horseshoe.

"…A real estate debt-facility would require that one or more subsidiaries be created on or before the closing of the deal, the filing said.

"…Splitting off the real estate assets could make it easier for Harrah's buyers to partner with developers on future projects or sell individual properties without the new partner having to endure the lengthy casino-licensing process, The Wall Street Journal reported on Sunday in its online edition…"

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