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Missouri Signs Off on Harrah's Buy-Out

LAS VEGAS-The Missouri Gaming Commission grants Harrah's approval to sell itself to a pair of private equity firms in a proposed $27.8-billion transaction.

By Brian K. Miller | Updated on November 29, 2007

LAS VEGAS-Harrah’s Entertainment Inc. said late Wednesday it has received approval from the Missouri Gaming Commission regarding its proposed $27.8-billion buy-out by affiliates of the private equity firms Apollo Management LP and TPG Capital, formerly Texas Pacific Group. The transaction, announced in December 2006 , is scheduled to close late this year or early next year, according to SEC documents.

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

Harrah’s is the world’s largest casino company by revenue. It operates 39 casinos across the US, including Caesars Palace, Bally’s, Flamingo and Paris on the Las Vegas Strip. International, it owns stakes in casinos in Canada and Uruguay and owns UK-based London Clubs International PLC, which operates 10 casinos in UK, Egypt and South Africa.

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