Harrah´s, Caesars stockholders approved merger

15.03.2005, Lesen Sie hier den Bericht über «Harrah´s, Caesars stockholders approved merger».

The transaction is expected to close on second quarter of 2005

(US).- Harrah’s Entertainment and Caesars Entertainment announced that stockholders of both companies separately approved an agreement to merge Caesars Entertainment into Harrah´s Operating Company, a wholly owned subsidiary of Harrah´s Entertainment, that will become the world´s biggest gambling company in revenues.

Harrah’s stockholders also approved an increase in the number of authorized shares of Harrah’s common stock from 360 million to 720 million. The merger remains subject to customary closing conditions, including receipt of required regulatory approvals.

Harrah’s Entertainment also reported that its top management will keep their current posts after the casino operator acquires rival Caesars Entertainment Inc. The company said its chairman, chief executive and president, Gary Loveman, will retain those roles at the combined company, while Senior Vice President and Chief Financial Officer Charles Atwood, and Chief Operating Officer Tim Wilmott will remain in their positions.

The company also said it would name William Barron Hilton and Stephen F. Bollenbach to its board after the transaction closes. Hilton is co-chairman of Hilton Hotels Corp. and a director of Caesars Entertainment, while Bollenbach is chairman of Caesars Entertainment and co-chairman and CEO of Hilton Hotels. Harrah’s directors will continue to serve on its board, but the company said it will also consider adding other Caesars directors.

Harrah’s said it will operate three divisions, with Tom Jenkin serving as western division president, Anthony Sanfilippo working as president of the central division, and Carlos Tolosa serving as eastern division president.

Founded 67 years ago, Harrah’s Entertainment, Inc. owns or manages through various subsidiaries 27 casinos in the United States, primarily under the Harrah’s and Horseshoe brand names. Both Harrah’s and Caesars expect the transaction to close during the second quarter of 2005.

Über Caesars Palace:

Das Caesars Palace ist ein Hotel und Casino in Las Vegas USA. Es ist im Stil eines antiken römischen Palastes errichtet.

Das luxuriöse Hotel am Las Vegas Boulevard besitzt 3'348 Gästezimmer und Suiten. Säulen, Statuen und Wasser-Fontänen prägen das Erscheinungsbild. Das im Hotel integrierte Spielcasino belegt eine Fläche von etwa 12'000 Quadratmeter. Die Forum Shops, ein grosses Einkaufszentrum mit exklusiven Geschäften, und ein Schwimmbad-Bereich mit vielen Säulen und Marmor gehören zu dem Komplex.

Caesars Palace is a modern wonderland of luxury and excitement and is widely recognized among the world's greatest hotels. Located at the heart of the world famous Las Vegas Strip.In addition, Caesars Palace is home to the Garden of the Gods, a 4.5-acre pool complex and a world-class 22,000 sq. foot fitness center and spa.

The Forum Shops at Caesars and The Appian Way are two extraordinary collections of exquisite stores, restaurants and family entertainment set in an ancient Roman marketplace. While the hotel itself features 8 restaurants onsite, The Forum Shops offer another 14 restaurants, as well.

Das Casino gehört zu Caesars Entertainment. Caesars Entertainment Inc. wurde 1937 als Harrah's gegründet und wurde 2010 in Caesars Entertainment umbenannt. Besitzer sind die Investment-Firmen Apollo Global Management, TPG Capital und The Blackstone Group.

--- Ende Artikel / Pressemitteilung Harrah´s, Caesars stockholders approved merger ---


Weitere Informationen und Links:

		
 
Weitere Nachrichten der Gaming-Branche