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Harrah’s Entertainment – new owners for Casino & Hotel Resort chain

Harrah’s Casino & Hotel Resort chain, which also run the World Series of Poker, will have new owners, two private equity firms named Apollo Management and Texas Pacific Group, shelling out a whopping $17.7 billion for the acquisition, being complete in early 2008.

“The WSOP will remain a key brand in the Harrah’s portfolio, and one earmarked for expansion on a number of fronts,” said WSOP Communications Director Gary Thompson.

The senior management team, lead by Harrah’s Chairman and CEO Gary Loveman, as well as WSOP Commission Jeffery Pollack and his team, will be kept.

About Harrah’s Entertainment:

Type: Public (NYSE: HET)
Founded: Reno, Nevada (1937)
Headquarters: Las Vegas, Nevada
Revenue: $7.11 billion USD (2005)
Slogan: Oh Yeah!
Website: www.harrahs.com

Harrah’s Entertainment, Inc.is a gaming corporation that owns and operates casinos, hotels, and six golf courses under several brands.

Harrah’s Entertainment is the world’s largest provider of branded casino entertainment through operating subsidiaries.

The company known as Harrah’s Entertainment was founded on October 30, 1937 as a small bingo parlor in Reno, Nevada operated by William F. Harrah.

Since its beginning Harrah’s has grown through development of new properties, expansions and acquisitions.

The company went public in 1971 with 450,000 shares. Following that, it was listed on the American Stock Exchange in 1972 and in 1973 Harrah’s becomes the first casino company listed on the New York Stock Exchange. Company founder William F. Harrah died in 1978.

Casinos:

  • Bally’s brand:
    • Bally’s Atlantic City (Includes Wild Wild West Casino & Claridge Towers)
    • Bally’s Las Vegas
  • Caesars brand:
    • Caesars Atlantic City
    • Caesars Indiana (being re branded to Horseshoe)
      Caesars Palace Las Vegas
  • Grand Casino brand:
    • Grand Casino Biloxi (it will be renamed Margaritaville Casino and Resort)
    • Grand Casino Tunica (to be renamed Harrah’s Casino Tunica)
  • Harrah’s brand:
    • Harrah’s Ak-Chin Casino
    • Harrah’s Atlantic City
    • Harrah’s Cherokee
    • Harrah’s ChesterHarrah’s Council Bluffs
    • Harrah’s Joliet
    • Harrah’s Lake Tahoe
    • Harrah’s Las Vegas
    • Harrah’s Laughlin
    • Harrah’s Louisiana Downs
    • Harrah’s Metropolis
    • Harrah’s New Orleans
    • Harrah’s North Kansas City
    • Harrah’s Prairie Band
    • Harrah’s Reno
    • Harrah’s Rincon
    • Harrah’s St. Louis
  • Horseshoe brand:
    • Horseshoe Gaming Holding Corporation
      • Horseshoe Bossier City
      • Horseshoe Council Bluffs
      • Horseshoe Hammond
      • Horseshoe Casino Tunica
  • Other casinos:
    • Bill’s Casino Lake Tahoe
    • Bill’s Gamblin’ Hall and Saloon, Las Vegas, Nevada
    • Sheraton Hotel and Casino, Tunica, Mississippi
    • Casino Windsor (name to be changed to Caesars Windsor in 2008
    • Conrad Resort and Casino, Punta Del Este, Uruguay
    • Flamingo Las Vegas
    • Imperial Palace
    • O’Sheas Casino (Operated as part of Flamingo Las Vegas)
    • Harveys Lake Tahoe
    • Paris Las Vegas
    • Rio All Suite Hotel and Casino Las Vegas
    • Showboat Casino, Atlantic City
    • London Clubs International, UK
    • Margaritaville Casino and Resort, Biloxi, Mississippi
  • Golf club and courses:
    • Atlantic City Country Club – Atlantic City, NJ – Acquired from the Caesars Entertainment merger
    • Cascata Golf Course – Las Vegas, Nevada
    • Chariot Run Golf Course – Laconia, Indiana
    • Cottonwoods Golf Course – Tunica, Mississippi
    • Grand Bear Golf Course – Gulfport, Mississippi
    • Rio Secco Golf Club in Henderson, Nevada
  • Other assets:
    • Roman Empire Development (RED) to manage room renovation projects internally.
    • Total Rewards
    • World Series of Poker

(Some texts adapted from Wikipedia)

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