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Friday, February 04, 2000
Copyright © Las Vegas Review-Journal
Harrah's, Players say merger is on
lasvegas.com Gaming Wire
Harrah's Entertainment and Players International have agreed neither company will exercise its right to terminate their announced merger until Feb. 29.
Both companies had the right according to their August merger agreement to back out of the deal if it was not finished by Jan. 31.
Jan Jones, Harrah's vice president for corporate communications, said the merger is still "on track." The agreement called for Harrah's to acquire Players for $8.50 a share.
The deal has been complicated by delays in gaining regulatory approval in both Illinois and Louisiana. Players owns two casinos, in Illinois and Missouri, and holds a gaming license in Louisiana.
The Illinois Gaming Board meets Feb. 22 and is expected to decide whether to approve the merger. The board faces a lawsuit challenging last year's amendments to riverboat gaming law allowing licensees to operate more than one casino. If the merger is approved, Harrah's would own Players' Metropolis riverboat as well as a Harrah's casino in Joliet.
Louisiana gaming regulators in December ordered Players to pay a $10.2 million fine and end its operations in the state amid allegations the firm extorted ex-Gov. Edwin Edwards and his son to obtain favorable treatment on its gaming license. The settlement allowed Players to maintain the license pending the acquisition by Harrah's, but the Louisiana Gaming Control Board has yet to vote on the agreement.
Players announced it has received assurances the board will consider the merger at its next meeting, on Feb. 15. Players said it expects the acquisition to close upon approval by both boards.
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