Buy-out firms Apollo and TPG have written off around USD 600m (GBP 321m) of their investment in American casino business Harrah's, in the biggest ever known private equity markdown. The writedowns equate to more than 20pc of the value of the private equity houses' investment in Harrah's. Apollo and TPG, the private equity house that walked away from Bradford & Bingley last month, paid USD 17bn for Harrah's in January, but since then economic woes have hit US gaming companies hard.

Lang ist es her, um genau zu sein war es im Dezember 2006, als Harrah's Entertainment, Inc. seinen eigenen Verkauf einläutete. Im darauf folgenden April stimmten dann noch die Aktionäre dem Handel zu und nun hieß es warten. Denn der Käufer Hamlet Holdings LLC musste erst Glücksspiellizenzen aus diversen US-Bundesstaaten einholen. So dauerte es wieder geschlagene acht Monate, bis diese endlich vorhanden waren und der Verkauf endgültig genehmigt werden konnte

The deal by two private equity firms to acquire Harrah's Entertainment Inc. for USD 27.8 billion closed yesterday and shifted control of the world's largest gambling company to private hands for the first time. The transaction includes four Atlantic City casinos and six on the Las Vegas Strip. The deal by Apollo Management L.P. of New York and Texas Pacific Group Capital L.P. of Fort Worth, Texas, for Harrah's Entertainment is ranked as one of the largest leveraged buyouts in U.S. history, according to Thomson Financial.

Harrah’s Entertainment Inc. on Monday said it expects the proposed acquisition of the company by Apollo Global Management LLC and TPG Capital L.P. to be completed on January 28. It subject to customary closing conditions, according to a Securities and Exchange Commission filing. Under the terms of the merger agreement, Harrah’s stockholders will receive USD 90 a share in cash.

Harrah’s Entertainment announced that the National Indian Gaming Commission (NIGC) notified Harrah’s that it will allow the consummation of the proposed acquisition of Harrah’s by affiliates of Apollo Global Management, L.P. and TPG Capital to proceed while the NIGC finalizes its review. Harrah’s Entertainment Inc. has tentatively cleared the last remaining regulatory hurdle to the largest casino buyout ever.

Carson City, Nevada - A USD 17.7 billion purchase of casino giant Harrah's Entertainment Inc. by private equity buyers Apollo Management and Texas Pacific Group - the world's largest casino buyout deal - won preliminary approval Wednesday from Nevada regulators. The state Gaming Control Board's unanimous vote for the deal, already approved by Harrah's shareholders and by several other states in which Harrah's Entertainment operates...

Harrah’s Entertainment announced it received approval from the Missouri Gaming 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.

Harrah’s Entertainment announced this week that it received approval from the Illinois Gaming Board 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.

Harrah’s Entertainment announced it received approval from the Indiana Gaming 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.

Harrah’s Entertainment 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. New Jersey casino regulators on Wednesday approved the proposed USD 31 billion acquisition of Harrah’s Entertainment by two private equity firms. The transaction remains subject to approval by 10 other states’ regulators in 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.