Harrah’s, Caesars Finalize Deal

With Nevada gambling regulators’ final blessing June 10th, Harrah’s Entertainment and Caesars Entertainment were expected to seal the deal three days later to finalize a merger, creating the world’s largest gambling company with nearly 100,000 employees and $9 billion in revenue.

The deal has already been OK’ed by regulators in New Jersey, Louisiana, Mississippi and Indiana, as well as by the Federal Trade Commission.

Harrah’s is buying Caesars for $1.87 billion in cash and $3.27 billion in stock. Harrah’s will assume $3.86 billion in Caesars debt.

The total value of the deal is about $400 million less than when the merger was first announced almost a year ago. Harrah’s execs said Caesars has paid off debt by selling assets domestically and abroad, lowering the deal’s overall price.

Still, the merger gives Harrah’s more than 40 properties, including riverboats and hotel-casinos in 12 states and three countries. In addition to Harrah’s and the Rio, the company adds Bally’s,Flamingo, Paris and Caesars Palace to its portfolio.