Harrah’s To Go Private
I thought this one was dead, but Harrah’s announced today that last week the board agreed to a buyout offer (actually, the fourth largest buyout in history) to take the company private. I wonder what this means for the redevelopment of that hunk of the strip they own? A couple of months ago they stated it would start in a couple of months. Nothing has happened since and with this deal, nothing is likely to happen until the deal clears. Could this be the start of casino resorts going private? Many of them went public to get the cash for the wicked expansions, but now that those are complete, they have the cash flow to finance them without shareholder money.