Harrah's to buy Caesars Entertainment for $5.2B

Friday, July 16, 2004  

Harrah's Entertainment announced a $9.4 billion deal to buy Caesars Entertainment in a merger that would create the world's largest gaming company.

Harrah's owns several Las Vegas and Altantic City casinos. The company also manages some tribal casinos and is partnered with the Narragansett Tribe for a casino in Rhode Island.

Caesars, former Park Place, is also in the Indian gaming industry and is already considered the largest gaming company in the world. Some of its business came from the gaming management company formerly owned by assistant secretary Dave Anderson.

The company is working with the St. Regis Mohawk Tribe for a casino in the Catskills region of New York and has entered into agreements with tribes in California. Chris Devers, chairman of the Pauma Tribe, said he was shocked by the news but a Harrah's spokesperson said the tribe's $250 million casino will go ahead as planned.

Get the Story:
Merger could bring 2 more casinos into S.D. County (The San Diego Union-Tribune 7/16)
Deal would make Harrah's industry's biggest, raise Vegas profile (AP 7/16)
Harrah's expanding its casino empire (The Providence Journal 7/16)
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MERGER AGREEMENT: Caesars accepts buyout offer (The Las Vegas Review-Journal 7/15)