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« E. Greenwich police: Man fires shots at police, kills self | Today | A key Rhode Island interest rate skyrockets » October 2, 2006Harrah's could be soldLAS VEGAS -- Harrah's Entertainment Inc., the company that's trying to build a West Warwick casino with the Narragansett Indians, said today it has has received a $15.05 billion offer for the company from private-equity firms Apollo Management and Texas Pacific Group. It was not immediately clear whether the bid would have any effect on its efforts in Rhode Island. A related constitutional amendment that will appear on November's statewide ballot does not specifically name Harrah's. A spokeswoman for a Harrah's-funded group pushing for the casino did not immediately return a phone message seeking comment. The private-equity firms are offering $81 per share in cash, a 22 percent premium to Harrah's closing stock price on Friday on the New York Stock Exchange. After the news, Harrah's shares surged $9.19, or 14 percent, to $75.62 in early trading on the New York Stock Exchange. Harrah's said it has established a special committee of independent directors to review the offer and has retained UBS Securities LLC as an adviser. Read more about the casino debate in Rhode Island. -- The Associated Press Harrah's is the world's largest casino company. It operates about 40 casinos, including Caesar's Palace in Las Vegas, its namesake chain, Bally's, Horseshoe, Showboat and other brands throughout the country. The Las Vegas-based company beefed up its portfolio with last year's purchase of Caesars Entertainment Inc. Also today, Harrah's said it entered a deal with a unit of Boyd Gaming Corp. to exchange about 24 contiguous acres that Harrah's controls on the Las Vegas Strip for Boyd's Barbary Coast Hotel and Casino. Financial terms for that deal were not disclosed. The real-estate transaction is expected to close in the first quarter of 2007, subject to customary closing conditions, including government approvals. Boyd said it expects to see a non-cash gain of about $280 million in the quarter the deal closes. Posted by Steve Peoples CommentsPost a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006