Harrah´s completes merger with Caesars Entertainment

16.06.2005, Lesen Sie hier den Bericht über «Harrah´s completes merger with Caesars Entertainment».

It describes its casino portfolio as "the most diverse in the gaming industry"

US).- Harrah’s Entertainmen informed yesterday that it has closed its us$ 6.8 billion purchase of rival Caesars Entertainment, creating the world’s largest casino operator. The combined company has nearly 100,000 employees and us$ 9 billion in annual revenue from 40 properties, including riverboats and hotel-casinos in 12 US states and 13 countries.



"We are pleased to bring our two great companies together," said Gary Loveman, chairman, chief executive and president of Harrah’s Entertainment. "Today we begin the most important task in the history of our company: Capitalizing on the tremendous potential of this merger. By putting our proven capabilities and marketing expertise to work in the incomparable Caesars portfolio, we believe we can generate strong, sustainable growth that will benefit our shareholders, our employees, our customers, and every community where we operate."

The deal was approved last week by the Federal Trade Commission and gaming regulators in Nevada, following earlier approval by regulators in New Jersey, Louisiana, Mississippi and Indiana.

In the key Las Vegas market, Harrah’s now controls 6 properties, compared with the 10 resorts owned number two gambling company MGM Mirage, which in April acquired Mandalay Resort Group.

Caesars’ shares closed Monday’s session on the New York Stock Exchange down us$ 3.81, or nearly 18 percent, at us$ 17.73, while shares of Harrah’s rose us$ 1.35, or nearly 2 percent, to us$ 73.17.

Über Harrah's Las Vegas Hotel and Casino:

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.

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