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.

Harrah’s Entertainment, the American casino behemoth that owns London Clubs International (LCI), is understood to have made a tentative approach to Gala Coral Group, the betting and gaming operator, about the possibility of merging LCI with Gala Casinos. The news came as Genting, the Malaysian gaming company that owns Stanley Casinos, announced that it had lifted its stake in Rank Group…

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.

TPG Newbridge, one of the world’s biggest private equity funds, seems set to emerge as SkyCity Entertainment Group’s mystery suitor. TPG Newbridge consists of Texas Pacific Group and its Asia-Pacific affiliate Newbridge Capital. TPG is already busy building a major position in the international casino sector. With partner Apollo Management, it is set to complete the USD 27.8 billion (NZD 37.4 billion), or USD 90 a share, all-cash buyout of Harrah’s Entertainment by the end of the year.