Harrah's Entertainment To Acquire Caesars Entertainment
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Harrah's Entertainment, Inc. has signed a definitive agreement to acquire Caesars Entertainment, Inc. in a cash and stock transaction that would be the largest in gaming-industry history. The boards of directors of both companies have unanimously approved the transaction, which remains subject to approvals by Harrah's and Caesars shareholders and regulatory agencies. The agreement calls for a certain number of Caesars' current directors to join the Harrah's Entertainment board. Caesars operates 28 casinos with about 2 million square feet of gaming space and approximately 26,000 hotel rooms. The company has a significant presence in Las Vegas, Atlantic City, and Mississippi and its brands are among the most highly regarded in the gaming industry.Harrah's operates 28 casinos with about 1.7 million square feet of gaming space and approximately 15,650 hotel rooms. "This acquisition will solidify Harrah's position as the pre-eminent distributor of casino entertainment," said Gary Loveman, Harrah's Entertainment president and chief executive officer. "We are adding attractive assets in stable markets with outstanding long-term growth prospects where we have a demonstrated record of success. Our network will also be enhanced as Caesars provides us access to new markets and new customers, which will bolster what is already the world's largest player-loyalty program. We are particularly pleased to be acquiring some of the premier properties on the Las Vegas Strip, in Atlantic City and on the Mississippi Gulf Coast. This will afford the customers of both companies the widest range of resort destinations offered by any gaming operator and will enhance the casino-industry's most recognised customer-loyalty program."
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