Harrahs says it is reviewing Singapore casino bid

05.10.2006, Lesen Sie hier den Bericht über «Harrahs says it is reviewing Singapore casino bid»

SINGAPORE, Oct 4 (Reuters) - Harrah's Entertainment Inc. (HET.N), the world's top gaming operator, said on Wednesday it was reviewing its bid for Singapore's second casino resort after it received a $15 billion buyout offer in the United States. Private equity firms Apollo Management and Texas Pacific Group [TPG.UL] on Monday made a cash offer to buy all of Harrah's outstanding shares for $81 apiece.

Harrah's, which has yet to win a casino license anywhere in Asia, has teamed up with Singapore partner Keppel Land (KLAN.SI) to bid for the right to build and run the city- state's second billion-dollar casino. "In the light of Harrah's current circumstances, we are evaluating the options," Harrah's spokesman Alberto Lopez told Reuters. He declined to comment further.

Bids for Singapore's second casino-resort to built on the resort island of Sentosa are due to be submitted by Oct. 10.

Analysts said that if Harrah's changes ownership, the new owners would have to undergo Singapore probity checks. A consortium consisting of Malaysia's Star Cruises Ltd. (SARC.SI)(0678.HK) and Genting Bhd (GENT.KL) is widely seen as the strongest contender in the bidding for the Sentosa casino.

Other contenders include privately held Eighth Wonder, as well as a consortium consisting of CapitaLand (CATL.SI) and Kerzner International Ltd. (KZL.N). In May, Las Vegas Sands (LVS.N) won a 30-year concession to build and run Singapore's first casino after promising to invest more than $3.2 billion in the project. ((Reporting by Sebastian Tong; sebastian.tong@reuters.com; Reuters Messaging: sebastian.tong.reuters.com@reuters.net; +65 6870-3843))

Über Harrah's Operating Company, Inc.:

Founded in 1937, Harrah´s Entertainment, Inc. is the world´s largest casino operator.

We operate 28 casinos in 12 states under the Harrah´s, Harveys, Horseshoe, Rio, and Showboat brand names. Our goal is to provide great customer service in exciting and entertaining environments, and become your overwhelming first choice for casino entertainment.

We concentrate on building loyalty and value for our customers, shareholders, employees, business partners, and communities by being the most service- oriented, technology-driven, geographically-diversified company in gaming. Enjoy your visit to our site. We look forward to your comments about us.

--- Ende Artikel / Pressemitteilung Harrahs says it is reviewing Singapore casino bid ---


Weitere Informationen und Links:

Weitere Nachrichten der Gaming-Branche