Wall Street is all abuzz this morning about amazing overnight deals involving our largest gaming company, Harrah's here in Vegas. The stories are so new they haven't even hit our morning newspapers here, yet so we're first with the big business news. When completed, it may well be one of the biggest takeovers and buyouts in Vegas history: - Two major investment fund companies have offered $81 a share in a takeover bid for the entire company and Harrah's confirms the buyout talks and says the board of directors will review the offer from Apollo Management and Texas Pacific.
- Harrah's will be forced to sell some of its properties to meet regulatory requirements and pay down massive debts built up from recent purchases and acquisitions.
- Meantime, rival smaller gaming company Boyd says it will "trade" the ageing Barbary Coast at the corner of the Strip and Flamingo in return for Harrah's relinquishing 24 acres of land that it can now add to its 63-acre proposed Echelon project when the Stardust is closed at the end of the month and imploded New Years Eve.
- The transaction now means that, as Luxe Life has previously reported , Harrah's will be able to turn its property from Barbary Coast, Flamingo, Imperial Palace and Harrah's all the way up the Strip to The Venetian into one giant "enclosed" mega-resort complex, complete with its own pedestrian walkway. Further, it also assures that the Barbary Coast, again as Luxe Life has reported, will be imploded and turned into the world's largest rock 'n' roll themed resort emporium with 3 floors of music-based shopping, entertainment, and dining with a rock and roll museum.
Always stay tuned to Luxe Life for all the exciting news of ever-changing Vegas.
