CollectionsHarrah S Entertainment
IN THE NEWS

Harrah S Entertainment

FEATURED ARTICLES
NEWS
August 4, 2010
Harrah's Entertainment Inc., the world's biggest casino company, reported a second-quarter net loss of $274 million, compared with a profit of $2.29 billion a year earlier, citing reduced customer spending in all of its U.S. regions and asset writedowns, Bloomberg News reported. Sales fell 2.2 percent to $2.22 billion, the news service said. Harrah's said that, for the quarter ended June 30, it recorded a $52.3 million charge related to an investment in the Foxwoods casino project in Philadelphia, Bloomberg said.
BUSINESS
July 16, 2004 | By Suzette Parmley INQUIRER STAFF WRITER
Harrah's Entertainment's blockbuster acquisition of Caesars Entertainment, announced yesterday, would create the world's biggest gambling company, one that would control about half of the Atlantic City market. If the deal is approved by state regulators, five of the city's 12 casinos would share the same owner. Harrah's-Caesars would control nearly half of the slot machines in Atlantic City, nearly half the city's total gaming space, and nearly half of its 13,000 hotel rooms. Harrah's Entertainment Inc. said yesterday that it would purchase Caesars Entertainment Inc. for $5.2 billion in cash and stock.
BUSINESS
October 3, 2006 | By Suzette Parmley INQUIRER STAFF WRITER
Harrah's Entertainment Inc., the world's largest gambling company and biggest casino operator in Atlantic City, is the target of a $15.1 billion offer by two private-equity firms. The Las Vegas company confirmed yesterday that it had received an offer to be acquired for $81 a share from Apollo Management, of New York, and Texas Pacific Group, of Fort Worth, Texas. "In one sense, you wouldn't think the largest company in the gaming industry would be taken private," said Brian Ford, an analyst at Ernst & Young in Center City, "but there's nothing to suggest these numbers are so large that it can't readily happen.
BUSINESS
June 14, 2005 | By Suzette Parmley INQUIRER STAFF WRITER
Harrah's Entertainment Inc. completed its $10.4 billion acquisition of Caesars Entertainment Inc. yesterday to create the world's largest gambling company, with 43 properties on two continents. The newly formed company also becomes the largest gambling operator in Atlantic City, controlling 40 percent of the resort's gambling space, hotel rooms and slot machines. Harrah's will own four of the city's 12 casino hotels: Showboat, Caesars and Bally's on the Boardwalk, and Harrah's in the Marina.
NEWS
July 30, 1995 | By Peter Nicholas, INQUIRER STAFF WRITER
After listening to the Rendell administration's rosy analysis of riverboat gambling at a legislative hearing last week, State Rep. Steven Nickol finally expressed his impatience. "I get the impression that the Mayor's Commission on Gambling is really the Mayor's Commission for Gambling," the York County Republican said. At least no one left the hearing confused about where the Rendell camp stands. The mayor's commission, chaired by former U.S. Attorney Michael Baylson, used its time at the microphone to drive home a single theme: Riverboat gambling would mean a staggering amount of jobs and tax revenue for Philadelphia's struggling economy.
NEWS
June 7, 2005 | By Tina Moore INQUIRER STAFF WRITER
State Sen. Dominic Pileggi was getting a haircut recently in Chester when his barber asked what has been a lingering question there: "Is that track really going to happen?" Pileggi related the story to a crowd of about 100 people, including state and local politicians and officials, yesterday seeking to answer that query once and for all. "All those hurdles have been overcome, and we're here today to mark this important point in time in Chester's economic development," Pileggi said at a formal groundbreaking ceremony for Harrah's Chester Casino and Racetrack.
BUSINESS
October 18, 2007 | By Suzette Parmley INQUIRER STAFF WRITER
The New Jersey Casino Control Commission gave unanimous approval yesterday for two private-equity firms to purchase Harrah's Entertainment Inc. for $27.8 billion. The 5-0 vote, after a 2 1/2-hour hearing here, supported the joint bid by Apollo Management L.P. and Texas Pacific Group. Harrah's owns four casinos here and six in Las Vegas. Gary Loveman, Harrah's chairman, president and chief executive officer, said at yesterday's hearing that the management and operations of the company would remain the same.
BUSINESS
December 21, 2005 | By Suzette Parmley INQUIRER STAFF WRITER
Harrah's Entertainment Inc. said yesterday that it had agreed to sell the assets of its Grand Casino Gulfport to Gulfside Casino Partnership, which owns the Copa Casino site next to it. The price was not disclosed. The Grand Casino in Gulfport, Miss., was heavily damaged during Hurricane Katrina in August, with parts of it ending up sprawled over a busy highway. The agreement announced yesterday calls for the assets to be sold in an "as is" condition. Harrah's will retain all insurance proceeds from the hurricane damage.
BUSINESS
January 29, 2008 | By Suzette Parmley INQUIRER STAFF WRITER
The deal by two private equity firms to acquire Harrah's Entertainment Inc. for $27.8 billion closed yesterday and shifted control of the world's largest gambling company to private hands for the first time. The transaction includes four Atlantic City casinos and six on the Las Vegas Strip. The deal by Apollo Management L.P. of New York and Texas Pacific Group Capital L.P. of Fort Worth, Texas, for Harrah's Entertainment is ranked as one of the largest leveraged buyouts in U.S. history, according to Thomson Financial.
NEWS
July 4, 2006 | By Todd Mason INQUIRER STAFF WRITER
Chester residents flocked to a job fair last week for the slot-machine parlor and racetrack under construction on the riverfront, but its operator, Harrah's Entertainment Inc., remains guarded about how many residents it will hire. "We certainly have high aspirations that we will find future employees in the city of Chester," said Vince Donlevie, general manager of Harrah's Chester Casino & Racetrack, but he declined to estimate how many. Bobby Wilson, 50, hopes he will be one of those workers.
1 | 2 | 3 | Next »
ARTICLES BY DATE
BUSINESS
January 10, 2013 | By Suzette Parmley, Inquirer Staff Writer
  The departure of Don Marrandino, since 2009 eastern division president for Caesars Entertainment Inc., comes as all five of the company's regional casinos are bleeding revenue. Marrandino resigned on Friday, according to the company, which owns four casinos in Atlantic City and Harrah's Philadelphia in Chester. He had held the job for three years after returning to Atlantic City from Las Vegas, where he ran the Flamingo Casino for Harrah's Entertainment Inc. before Harrah's Entertainment was acquired by Caesars Entertainment in June 2005.
NEWS
January 13, 2011 | By Jennifer Lin, Inquirer Staff Writer
In a last-ditch effort to restore the Foxwoods Casino gambling license, Harrah's Entertainment has offered to double the money it is willing to lend the venture, according to a petition released Tuesday by the Pennsylvania Gaming Control Board. The petition was filed last Friday by the Foxwoods group, Philadelphia Entertainment and Development Partners (PEDP), but kept confidential until a redacted version could be prepared for the public. The gaming board revoked the Foxwoods license Dec. 16. Commissioners raised concerns about incomplete financial documents and commitments, changes in the charitable nature of the venture, and the scaled-back scope of the project.
NEWS
November 19, 2010 | By CHRIS BRENNAN, brennac@phillynews.com 215-854-5973
The investors behind a South Philly casino have a new name and three weeks to move the stalled project forward or face the very real possibility of losing their license. The state Gaming Control Board yesterday gave the investors until Dec. 10 to finalize a deal to have Harrah's Entertainment take over the project, which has been known as Foxwoods. The investors' casino license could be revoked at the board's Dec. 16 meeting if they miss that deadline. Harrah's and the local investors, known as Philadelphia Entertainment Development Partners (PEDP)
NEWS
October 27, 2010 | By Jennifer Lin, Inquirer Staff Writer
For the second time in six months, local investors in the proposed Foxwoods Casino will present state gaming regulators with a new partner and a plan to revive the stalled South Philadelphia project. This time around, they have a deal with Harrah's Entertainment to step in as both investor and operator of the waterfront gambling hall. Because Harrah's already has a casino 15 miles away in Chester, it is allowed by Pennsylvania law to have only a one-third stake in Foxwoods. In an announcement Tuesday, the local investor group - Philadelphia Entertainment and Development Partners (PEDP)
NEWS
October 22, 2010 | By Jennifer Lin, Inquirer Staff Writer
Harrah's Entertainment is only a flurry of pen strokes away from taking over the troubled Foxwoods Casino project in South Philadelphia, with a final agreement ready for the original partners' signatures, according to people familiar with negotiations. More than a dozen Foxwoods investors, including the Mashantucket Pequot tribe in Connecticut and the charitable interests of the families of local entrepreneurs Lewis Katz, Ron Rubin, and Ed Snider, are expected to approve the deal. Even so, they and Harrah's still must persuade the state not to revoke the project's license, an action to be discussed by the Pennsylvania Gaming Control Board at a hearing Wednesday.
NEWS
October 1, 2010 | By Wayne Parry, ASSOCIATED PRESS WRITER
ATLANTIC CITY - New Jersey moved closer Thursday to allowing smaller casinos in Atlantic City as a way to jump-start the nation's second-largest gambling market. The state Senate approved a bill that would allow for casinos with as few as 200 hotel rooms to be built on the Boardwalk. That's down from the current 500-room minimum, and is one-tenth of the 2,000-room inventory that Atlantic City's most successful casinos have. Sen. Jim Whelan, a former Atlantic City mayor, proposed the change to lower the financial barrier to building in the city.
NEWS
August 10, 2010 | By Jennifer Lin, Inquirer Staff Writer
In a sign that it might soon take over the troubled Foxwoods Casino project, Harrah's Entertainment Inc. has written off $52.3 million in debt owed by the local investor group for the 16.5-acre site on the Delaware waterfront in South Philadelphia. The disclosure was contained in Harrah's financial results for the second quarter, which ended June 30. According to people familiar with the deal, forgiveness of the debt, incurred in 2005, is part of the negotiations to transfer control of the Foxwoods project to Harrah's.
NEWS
August 4, 2010
Harrah's Entertainment Inc., the world's biggest casino company, reported a second-quarter net loss of $274 million, compared with a profit of $2.29 billion a year earlier, citing reduced customer spending in all of its U.S. regions and asset writedowns, Bloomberg News reported. Sales fell 2.2 percent to $2.22 billion, the news service said. Harrah's said that, for the quarter ended June 30, it recorded a $52.3 million charge related to an investment in the Foxwoods casino project in Philadelphia, Bloomberg said.
NEWS
July 14, 2010
The Las Vegas-based Harrah's Entertainment confirmed Tuesday that "discussions have opened up again" over its role in the Foxwoods Casino project in South Philadelphia. In a statement, the company said it was not at liberty "to discuss the substance" of those talks at this time. On Sunday, The Inquirer reported that the gaming giant was in negotiations to become a partner in the struggling Foxwoods project. Harrah's holds a promissory note of $67 million for the 16-acre parcel from a group of local investors, including family foundations for lawyer Lewis Katz and developer Ron Rubin.
NEWS
July 11, 2010 | By Jennifer Lin, Inquirer Staff Writer
The Foxwoods Casino project could be rescued by a neighbor in nearby Chester - Harrah's Entertainment. The country's largest gaming company is in talks with the Foxwoods group about becoming a new partner, replacing Las Vegas casino titan Steve Wynn as developer and manager of the South Philadelphia gaming hall, according to sources familiar with negotiations. Under Pennsylvania law, Harrah's could acquire only a 33 percent stake in the venture, since it already controls a casino in the state.
1 | 2 | 3 | Next »
|
|
|
|
|