Harrah`s Entertainment, Inc. reached an agreement in principle today with
owners of Binion`s Horseshoe Hotel & Casino to acquire the downtown Las
The purchase is subject to execution of a definitive written agreement and
receipt of regulatory and other approvals. Terms of the proposed
transaction were not disclosed.
“The agreement in principle contemplates that Harrah`s will assume the
property`s liabilities to bona fide creditors who submit verifiable
evidence of claims,” said Charles Atwood, Harrah`s Entertainment`s chief
financial officer. “We are also reviewing options with the casino`s owners
for reopening the property as soon as practicable.”
“I am confident that this transaction will provide new opportunities for
both the property that has meant so much to me and my family, as well as
for the loyal employees who have worked with us over the years,” said
Becky Behnen of Binion`s Horseshoe.
Founded 66 years ago, Harrah`s Entertainment, Inc. owns or manages through
various subsidiaries 25 casinos in the United States, primarily under the
Harrah`s brand name. Harrah`s Entertainment is focused on building loyalty
and value with its target customers through a unique combination of great
service, excellent products, unsurpassed distribution, operational
excellence and technology leadership.
More information about Harrah`s Entertainment is available on the
company`s Web site, http://www.harrahs.com/ .