Harrah’s private equity move gathers pace
The ongoing buy-out of casino giant Harrah’s by two private equity firms is set to move a step closer to completion following the expected filing of approval applications.
A series of potential regulatory concerns are thought to have been addressed in the documents, though lawyers working on the case expect many months to pass before they appear in front of the relevant Nevada gaming organizations.
The complicated nature of the buy-out is in part down to the fact that officials from eight separate states as well as those in Canada, England and South Africa will need to approve the deal.
“We’ve already, at great effort and expense, organized all the back-up documentation. In trying to expedite this process we’re already prepared for an investigation right after we file the applications,” said transaction attorney Frank Schreck, explaining part of the process.
Harrah’s is one of a number of casinos thought to be considering a move to help build the new super-casino set for Manchester, England.