Harrah`s Entertainment, Inc. signed a definitive agreement today to
purchase Binion`s Horseshoe Hotel & Casino in downtown Las Vegas. Terms
were not disclosed.
The transaction is expected to close before the end of the first quarter.
Subject to regulatory approval, “We plan to re-open the property as soon
as practicable,” said Gary Loveman, Harrah`s Entertainment president and
chief executive officer.
“We will immediately begin assessing the appropriate level of staffing
necessary to ensure the viability of the property,” Loveman said. “Current
Binion`s Horseshoe employees will be given priority in re-staffing the
facility, which has been closed since January 9. We fully intend to abide
by terms of the property`s union contracts.”
Loveman said once Harrah`s receives employment information from the
Horseshoe, Harrah`s will contact current Binion`s employees to discuss
schedules and other details.
“We are enthusiastic about acquiring a world-renowned property that has
played such an important role in the rich history of gaming,” Loveman
said. “We are especially excited about our plans to host the 35th annual
World Series of Poker at the Horseshoe on its originally scheduled dates
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/ .