Casino news source: Memphis Business Journal - http://www.bizjournals.com
Harrah's, Caesars complete sale of Tunica casinos
Memphis Business Journal - April 26, 2005
Harrah's Entertainment, Inc., and Caesars Entertainment, Inc., completed the sale of Harrah's East Chicago, Harrah's Tunica, Atlantic City Hilton and Bally's Tunica to an affiliate of Colony Capital, LLC. for $1.24 billion.
Harrah's (NYSE: HET) and Caesars (NYSE: CZR) are currently in the midst of a $9.4 billion merger, although the sale was not conditioned on closing of the merger. Stockholders of both companies separately approved the merger on March 11, 2005. Harrah's and Caesars expect the merger to close in the second quarter of 2005, pending receipt of required regulatory approvals.
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