The transaction requires approval from gambling regulators in more than a dozen states and several tribal nations where Harrah's operates. In addition to Illinois, in recent days and weeks Harrah's has received approval from the Indiana Gaming Commission, the New Jersey Casino Control Commission and the Mississippi Gaming Commission. The European Union signed off on the deal in April, the same month Harrah's shareholders controlling 66% of outstanding stock approved the transaction.

Per the merger agreement signed Dec. 19, 2006, TPG and Apollo affiliates have agreed to acquire Harrah's in an all-cash transaction valued on that date at approximately $27.8 billion. The figure includes $90 in cash for each outstanding share of Harrah's common stock and the assumption of $10.7 billion of debt. The result of the deal will be a near doubling of Harrah's debt load, which will require it to focus on paying down that debt rather than reinvesting in growth, according to related documents filed with the Securities and Exchange Commission.

Harrah's Entertainment said in a February regulatory filing that plans to split its real estate holdings from its operations by the time the acquisition is completed. For that story, click here.