Harrah's acquisition receives approval
18 October 2007
LAS VEGAS, Nevada -- (PRESS RELEASE) -- Harrah's Entertainment, Inc., (NYSE: HET) today announced it received approval from the New Jersey Casino Control Commission for the proposed acquisition of Harrah's by affiliates of Apollo Management, L.P. and TPG Capital. The transaction remains subject to approval by other jurisdictions in which Harrah's subsidiaries operate and other conditions to closing set forth in the agreement and plan of merger entered into on December 19, 2006.
"We're pleased by the review and approval of the New Jersey Casino Control Commission for the proposed acquisition of Harrah's Entertainment," said Gary Loveman, chairman, CEO and president of Harrah's Entertainment, Inc. "This transaction with Apollo Management and TPG Capital allows Harrah's to continue its emphasis on growth and in providing the best guest experience throughout our network of gaming destinations. The New Jersey marketplace is dynamic and vitally important to Harrah's future success."