The world’s largest casino operator, Harrah’s Entertainment Inc. has received a $15 billion officer for the company from private equity firms Apollo Management and Texas Pacific Group.
Harrah’s operates about 40 casinos, including Caesar’s Palace in Las Vegas, as well as Bally’s, Horseshoe, Showboat and others. The Las Vegas-based company beefed up its portfolio with last year’s purchase of Caesar’s, which made it the world’s #1 gaming company.
Harrah’s formed a committee to study the proposal but said it has yet to determine its response. It has retained UBS Securities LLC as an adviser.
“The special committee has not determined that a transaction is in the best interest of Harrah’s and its stockholders,” the company said in a release.
Report by David Wilkening
