Vol. 5, No. 7, July 2008
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High-5 for Harrah’s
Harrah’s Entertainment’s Atlantic City casinos won new five-year licenses last week.
“What comes through is that this entire organization is solid,” said New Jersey Deputy Attorney General John Adams of the four properties: Harrah’s, Bally’s, Caesars and Showboat.
Harrah’s is the biggest casino owner in Atlantic City. Next in line is Trump Entertainment Resorts, which owns three casinos but just inked a deal to sell one, Trump Marina, to casino developer Coastal Marina LLC.
In January, Harrah’s Entertainment was acquired by private equity buyers Apollo Management Group and Texas Pacific Group. The price: $17.7 billion. The new owners were approved to own casinos in New Jersey last month.
