LAS VEGAS -- Nevada gambling regulators signed off Friday on the merger between Harrah's Entertainment Inc. and Caesars Entertainment Inc., creating the largest gambling company in the world with nearly 100,000 employees and $9 billion in revenue when the deal closes this week.
Receiving approval from the Nevada Gaming Control Board and Gaming Commission was the last regulatory hurdle the Las Vegas- based companies faced, and they plan to officially conclude the transaction today.
Gambling regulators in New Jersey, Louisiana, Mississippi and Indiana already have approved the deal, along with the Federal Trade Commission, which gave its blessing Wednesday.
During regulatory hearings, Harrah's officials said the deal was worth $9 billion, making it the largest merger in the industry's history.
Harrah's is buying Caesars for $1.87 billion in cash and $3.27 billion in stock. Harrah's will assume $3.86 billion in Caesars debt.
The total value of the deal is about $400 million less than when the merger was first announced in July. Harrah's executives said Caesars has paid off debt by selling assets domestically and abroad, lowering the deal's overall price.
Copyright C 2005 Deseret News Publishing Co.
Provided by ProQuest Information and Learning Company. All rights Reserved.
