Harrah's Entertainment Inc., which is being bought by private equity firms in a $17.1 billion deal, said May 8 its first-quarter earnings edged up 2%, as higher Las Vegas and Atlantic City revenue offset increased operating costs.
Harrah's Entertainment Inc. shareholders approved a $17.1 billion buyout by two private equity groups April 5 in the largest deal ever to take a publicly held casino company private, officials said.
Harrah's Entertainment Inc., the world's largest casino company, said Tuesday that its board has accepted a $17.1 billion buyout offer from two private equity groups.
- By Ryan Conley
Racing can learn much from its partners from the casino business, a panel of analysts told a couple hundred participants Dec. 5 in the 33rd Symposium of Racing & Gaming in Tucson, Ariz.
Harrah's Louisiana Downs Casino & Racetrack has named Youbet.com as the presenting sponsor of the track's marquee race - Super Derby XXVII - to be held Sept. 23.
Mark Midland has been promoted to vice president of racing operations for Harrah's Louisiana Downs.
Ray Tromba resigned as vice president of racing operations at Harrah's Louisiana Downs. He had been with the track for 19 years, serving in his current capacity since 2003.
GTECH Corporation has sold its one-third interest in Turfway Park to the track's remaining partners, Harrah's Entertainment and the Keeneland Association, the Florence, Kentucky, track announced Tuesday.
Turfway Park president Bob Elliston said he expects the Kentucky racetrack's new Polytrack surface to be ready for horses to train on by mid-August, when trainers are expected to begin arriving for the fall meet that begins Sept. 7.
The Illinois Gaming Board Monday picked Isle of Capri Casinos Inc. to receive the state's 10th casino license.
An auction between three companies seeking to buy Illinois' tenth casino license, which would provide 15% of adjusted gross revenue to the horse industry, closed Thursday with Harrah's Entertainment the highest bidder. A final decision on who gets the license will be made by the Illinois Gaming Board Monday.
Bid amounts were announced for a dormant Illinois casino license, with Penn National Gaming submiting the highest offer.
Louisiana Downs concluded its 2003 racing season Sunday with increases in on-track, off-track, and total handle. With the opening of the slots casino earlier this year, the track no longer keeps attendance records.
The Louisiana State Racing Commission approved a request by Louisiana Downs to run 122 dates in 2004, an increase of 42 days over the current year. The track will run 102 Thoroughbred dates from May 14 through Oct. 31 and 20 days of Quarter Horse racing from Nov. 10 through Dec. 12. The Quarter Horse meet will be the first in the track's history.
Louisiana Downs in Bossier City, La., will turn on its slot machines May 21 well in advance of its live Thoroughbred meet that begins June 27.
The Louisiana State Gaming Control Board gave its approval Feb. 18 for Harrah's Entertainment to operate slot machines at Louisiana Downs.
The transfer of Louisiana Downs' horse-racing license to Harrah's Bossier City Investment Co. is nearly complete after the Louisiana Racing Commission approved the move Thursday.
Harrah's Entertainment may increase the initial $157 million it wants to spend on Louisiana Downs, the Bossier City racetrack it purchased this year. The casino company plans to install 1,500 slot machines at the track when the acquisition is complete.
The Louisiana Gaming Control Board has ordered a suitability investigation into Harrah's Entertainment in regard to its announced purchase of Louisiana Downs.
An Iowa riverboat operator has taken full ownership of Evangeline Downs and acquired the land to build a new track and casino in an adjoining parish.
Casino operator Harrah's Entertainment has announced it has signed a letter of intent to purchase a 95% stake in Louisiana Downs for $157 million.
Penn National Gaming stock has been down about $1 per share Tuesday on speculation it may be a potential buyer of a $400 million casino company.
Churchill Downs is one of 70 leading public and private companies asked to do a presentation before investors Wednesday morning at the 11th Annual CIBC World Markets Gaming, Lodging, and Leisure Conference in New York City.
Showboat Development has reportedly re-filed in Pennsylvania a lawsuit related to the operating rights of slot machines at Charles Town Races. A similar lawsuit filed in Nevada last year was dismissed Jan. 25 because of a lack of jurisdiction.
Fair Grounds racetrack has reached an understanding with Harrah's New Orleans casino that could put 300 slot machines at the track by 2003 and up to 700 machines by 2005. "It is not as many machines as at other jurisdictions, but it will allow us to continue to grow the business," said Bryan Krantz, president and general manager of Fair Grounds.
Keeneland will begin offering discounts in stall rental fees to horsemen stabled on its grounds and at its Thoroughbred Center training track if they run at Turfway Park.
The major international lottery company said further cuts and asset sales can be expected in the next quarter. One of those assets could be the company's one-third interest in Turfway Park.
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