Harrah’s OK’d to transfer racetrack ownership stake

December 19, 2007 - 10:00 pm

HARRISBURG, Pa. -- Harrah's Entertainment can transfer its ownership stake in a suburban Philadelphia racetrack and slot-machine casino to private equity firms that are buying the casino giant.

Pennsylvania gambling regulators said Tuesday that Apollo Management and Texas Pacific must pay $2.5 million for Harrah's license to operate Harrah's Chester Casino & Racetrack.

Las Vegas-based Harrah's owns half the stake in the 11-month-old Chester facility.

The Harrah's ownership transfer was the first one to be approved by the gaming board.

The world's largest gambling company, Harrah's operates 50 casinos worldwide, including 38 in the United States. The deal to take Harrah's private is worth $17.7 billion excluding debt.

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