Thursday, July 15, 2004

Another big Vegas merger...

It was just announced today that Harrah's Entertainment Inc. will buy Caesars Entertainment Inc. for $5.2 billion in cash and stock. To quote the Tim and Tom Connection, "That's a lot of cheddar, a lot of salad." Harrah's operates 28 casinos in 13 states under the Harrah’s and Showboat names, and has about 41,000 employees. Caesars owns 28 properties worldwide, including Caesars Palace, Bally’s Las Vegas, and Paris Las Vegas, and employs 54,000. This merger will make the new company the world's biggest gambling company. So, now most of the properties in Las Vegas will be controlled by only two companies. As long as both deals are approved and go through - of course. Fewer comp cards to keep track of is a good thing, I suppose!

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