Earlier this week, Harrah's Entertainment announced that they had accepted 2 buy-out bids to the value of 27.8 billion dollars, one of the largest buy-out deals in history.
Including the assumption of all debts, private equity firms Texas Pacific Group and Apollo Management will take control within 12 months and hold complete ownership over the company.
Founded in 1937, Harrah's possesses 39 casinos across America and is recognised as one of the most lucrative casino chains in the business with almost 10 billion dollars in annual revenue.
With Horseshoe Holdings, Imperial Palace and Caesar's Palace as three of their current acquisitions, Harrah's have undoubtedly become a major force within the industry. However, with new ownership comes new ideas, so the question still remains - what will the new owners do with this huge empire?
But, as Harrah's CEO, Gary Loveman, stated, "This will be a change in ownership, not a change in direction." Either way, it remains one of the most important deals in the history of gambling.