WSOP Goes Private
Last Thursday, Harrah’s Entertainment approved a buyout by two private companies. The Apollo Management Group and Texas Pacific Group will become the new owners of Harrah’s (and the WSOP brand) for just over $17 billion. The two groups purchased Harrah’s for $90 per share and have agreed to take on much of the company’s debt. It is the largest deal ever to take a public casino company private.
The buyout still needs approval from several tribal nations where Harrah’s operates, as well as gambling regulators in those states. The approval process could take many months.
