Harrah's Completes Casino Magic Biloxi Buy
LAS VEGAS, NV, November 10, 2006. -Harrah's Entertainment, Inc. (NYSE:HET) said today its previously announced transactions with Pinnacle Entertainment, Inc. (NYSE:PNK) -- the acquisition of the remaining assets of Casino Magic Biloxi by affiliates of Harrah's, and the sale of two Harrah's subsidiaries that own businesses in Lake Charles, La. -- have closed. In addition to the Casino Magic assets, Harrah's received a payment of approximately $25 million from Pinnacle in the transactions.
"It has been a privilege to be a part of the Lake Charles community for the last six years, and we wish the community every success as they work to continue the growth of their gaming and tourism industry," said Anthony Sanfilippo, president of Harrah's Central Division. "We look forward to the future in Biloxi, where this acquisition gives us additional flexibility in pursuing future development along the Mississippi Gulf Coast."
Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through operating subsidiaries. Since its beginning in Reno, Nevada nearly 70 years ago, Harrah's has grown through development of new properties, expansions and acquisitions. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
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