Harrah’s Entertainment, Inc., the casino company proposing to build a casino in West Warwick, announced it has signed a definitive agreement to acquire Caesars Entertainment, Inc. in a $5.18 billion cash and stock transaction that would be the largest in gaming-industry history.
The boards of directors of both companies have unanimously approved the transaction, which remains subject to approvals by Harrah’s and Caesars shareholders and regulatory agencies.
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Based on the closing price of Harrah’s Entertainment stock on July 14, 2004, the transaction would value each share of Caesars common stock at $16.96. The total transaction value, including assumption of Caesars debt, would be approximately $9.44 billion.
Caesars operates 28 casinos with about 2 million square feet of gaming space and approximately 26,000 hotel rooms. The company has a significant presence in Las Vegas, Atlantic City, and Mississippi.
Harrah’s operates 28 casinos with about 1.7 million square feet of gaming space and approximately 15,650 hotel rooms.
Founded 66 years ago, Harrah’s Entertainment, Inc. owns or manages through various subsidiaries 28 casinos in the United States, primarily under the Harrah’s brand name.
